California approved a State Farm insurance settlement after proposed increases reached 52%; the deal is estimated to save consumers about $530 million

California approved a State Farm insurance settlement after proposed increases reached 52%; the deal is estimated to save consumers about $530 million

California insurance regulators approved a State Farm settlement, saving policyholders approximately $530 million. This agreement significantly reduced proposed rate increases for homeowners and renters across the state. Thousands of policyholders will now receive refunds with ten percent annual interest. The settlement also imposes new conditions on State Farm regarding policy non-renewals. A dedicated process was established for Los Angeles wi…