US EditionBig 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.
21 Articles
21 Articles
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 …
Times of San Diego
GV WireBig 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 …
The Mercury news
California regulators reject — for now — State Farm’s emergency rate hike request
California regulators shoot down State Farm rate hike request
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.
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