Insurance Commissioner Lara To Question State Farm on 22% Rate Increase Justification – California Globe

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California Rejects State Farm’s Rate Increase Request Amid LA Fire Claims

California’s insurance commissioner on Feb. 14 turned down a request by insurer State Farm for an emergency interim rate hike of 22 percent for home insurance, amid a flood of damage claims due to the devastating Los Angeles fires. “The burden is on State Farm to show why this is needed now. State Farm has not met its burden,” Commissioner Ricardo Lara said in a statement. Lara said he has scheduled a meeting on Feb. 26 with the insurer to ask q…

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California Rejects State Farm's Rate Increase Request Amid LA Fire Claims

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

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Insurance Commissioner Lara To Question State Farm on 22% Rate Increase Justification – California Globe

In a statement Friday, Insurance Commissioner Ricardo Lara announced that he will be meeting with State Farm Insurance later this month over their proposed 22% emergency rate hike on rental homes, non-rental homes, rental units, and condos, asking them to justify the raise. Faced with staggering payouts totaling into the billions coming from the Eaton Fire and Palisades Fire last month, State Farm announced earlier this month that they are askin…

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The California Department of Insurance issued an announcement on the 11th, saying that it urgently needs to collect $1 billion from private insurance companies to assist the "FAIR Plan" in paying compensation for the Los Angeles County wildfire in January. The wildfire insurance plan is managed by the state government and is the last guarantee for high-risk California homeowners. This is also the first time in more than 30 years that the plan ha…

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California Regulator Rejects State Farm's Homeowner Rate Increase

California Regulator Rejects State Farm’s Homeowner Rate Increase In a recent turn of events following the devastating Los Angeles fires, California Insurance Commissioner Ricardo Lara has made a bold decision to reject State Farm’s request for an “emergency” rate increase for California homeowners. This decision sets the stage for a potential clash with the state’s […]