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California rejects insurance company's demand for rate hike

Summary by Newsweek
The state's insurance commissioner turned down an emergency request to increase home insurance rates.

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NewsweekNewsweek

California rejects insurance company's demand for rate hike

The state's insurance commissioner turned down an emergency request to increase home insurance rates.

·United States
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Shasta ScoutShasta Scout

Big homeowner rate hike from State Farm shot down by California regulator – Shasta Scout

Insurance Commissioner Ricardo Lara has rejected a request from State Farm to hike home insurance rates in California by 22% on average. The increase was billed by State Farm as an “emergency” measure after the Los Angeles fires. Lara spoke at an event at CalMatters’ studio in Sacramento on Sept. 19, 2024. Photo by Fred Greaves for CalMatters This story was originally published by CalMatters on February 14, 2025, and is reprinted here with permi…

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consumerwatchdog.orgconsumerwatchdog.org

KNTV-SF (NBC) - San Francisco, CA: Rate Hike From State Farm Shot Down By CA Regulator

Consumer Watchdog supports the commissioner's decision, but wants the meeting with State Farm to be a public hearing, not a private one. The post KNTV-SF (NBC) – San Francisco, CA: Rate Hike From State Farm Shot Down By CA Regulator appeared first on Consumer Watchdog.

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The Silicon Valley VoiceThe Silicon Valley Voice

CalMatters: California Regulator Shoots Down State Farm's Big Homeowner Rate Hike - The Silicon Valley Voice

California Insurance Commissioner Ricardo Lara on Friday rejected State Farm’s request for “emergency” rate increases, setting up what could be a highly consequential showdown with the state’s biggest insurer — and going against the recommendation of his staff experts. Lara, who has been urging insurance companies to write policies in the state again despite increasing wildfire risks, says in a letter to State Farm executives that he needs more …

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Newsweek broke the news in United States on Monday, February 17, 2025.
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