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Big Homeowner Rate Hike From State Farm Shot Down by California Regulator

State Farm requested a 22% average rate increase for homeowners insurance in California, citing financial strain from recent wildfires.
California Insurance Commissioner Ricardo Lara rejected State Farm's emergency rate increase request, emphasizing the need for more information before making a decision.
Lara demanded that State Farm provide answers at an informal conference on February 26 regarding its financial condition and justifications for the rate hike.
Consumer Watchdog expressed disappointment over the lack of a formal hearing on State Farm's request, arguing that an informal conference is insufficient to ensure due process.

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LA Daily News

Insurance commissioner Lara Seeks meeting with State Farm on rate request

In a letter to the insurer, Lara said under Proposition 103, State Farm has the burden of explaining why the rate hike is needed now — which he says the company has "not met."

8 days ago·Los Angeles, United States

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NBC Bay Area

State's insurance commission denies State Farm's rate increase request

California's insurance commission has turned down State Farm's request to increase its rates, at least for now.

8 days ago·San Francisco, United States

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KTLA 5

Insurance Commissioner rejects State Farm’s emergency rate hike request, calls for meeting with company reps

LOS ANGELES (KTLA)—California Insurance Commissioner Ricardo Lara has rejected State Farm General's request for a rate hike averaging 22% due to the company's "dire" financial situation after the deadly and destructive L.A. County wildfires. ”In the request, State Farm seeks an increase for the following, effective May 1, 2025: 22% for Non-Tenant homeowners, 15% for Tenants (Renters), 15% for Tenants (Condominium Unitowners), and 38% for Rental …

8 days ago·Los Angeles, United States

Big Homeowner Rate Hike From State Farm Shot Down by California Regulator

Insurance Commissioner Ricardo Lara, seen here speaking at an event at CalMatters’ studio in Sacramento on Sept. 19, 2024, has rejected a request from State Farm to hike home insurance rates in California by 22% on average. (File photo by Fred Greaves/For CalMatters) 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 …

8 days ago·San Diego County, United States

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The Mercury news

+3 Reposted by 3 other sources

California regulators reject — for now — State Farm’s emergency rate hike request

California regulators shoot down State Farm rate hike request

8 days ago·San Jose, United States

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Los Angeles Times

Insurance commissioner rejects State Farm's request for 22% emergency rate hike

Insurance Commissioner Ricardo Lara on Monday rejected State Farm General's request for an emergency 22% home insurance rate hike due to the Los Angeles fires unless the insurer can provide more evidence it is warranted.

8 days ago·Los Angeles, United States

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