US EditionRents near January’s Los Angeles wildfires rising far faster than previous year
- State Farm requested an emergency rate increase after the Los Angeles wildfires, impacting approximately one million customers.
- State Farm cited a deteriorated financial situation and the need to rebuild capital after significant claim payouts.
- The California Department of Insurance held a public hearing where State Farm emphasized the urgency of its financial needs.
- Consumer Watchdog opposes the rate increase, citing insufficient justification, while Commissioner Lara seeks more financial data; Wellington stated the rate poses no risk.
- The administrative law judge will provide a recommendation to Commissioner Lara, with the potential for a $400 million capital infusion pending approval.
13 Articles
13 Articles
Daily Breeze
Pasadena Star NewsRents near January’s Los Angeles wildfires rising far faster than previous year
Rents in Southern California communities near January’s firestorms are rising far faster than what apartment seekers saw a year ago. My trusty spreadsheet reviewed rent stats from ApartmentList, which show that 16 communities in Los Angeles and Ventura counties had median increases of 2.4% in the first three months of the year to $2,246 for a typical unit. That jump is almost fivefold bigger than the 0.5% increase in the same period in 2024. Apa…
State Farm seeks rate hike after L.A. wildfires, sparking controversy
California's largest home insurer is looking to increase its premiums by as much as 38% in the wake of the deadly wildfires that destroyed more than 16,000 properties. Carter Evans reports on the increased costs' impact on homeowners trying to rebuild.
State Farm begins emergency insurance rate hearing in wake of Southern California wildfires
By Levi Sumagaysay | CALMatters State Farm will try to justify its need to raise property insurance rates — stat — at an unprecedented public rate hearing starting Tuesday. WATCH THE HEARING LIVE: In the Matter of the Rate Application of: STATE FARM GENERAL INSURANCE COMPANY Rate hearings are rare and usually scheduled months in advance. This one’s different because California Insurance Commissioner Ricardo Lara called it hastily about a month a…
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