US EditionState Farm Seeks to Boost California Home Insurance Rate Hike to 30%
- State Farm, California's largest insurer, received emergency approval on May 13 to raise home insurance rates by 17% starting in June 2024.
- The approval followed State Farm's claim of financial distress due to $7.6 billion in expected wildfire claims from January's Los Angeles fires, prompting the request for a larger 30% hike.
- State Farm has proposed a series of rate increases totaling 30%, which includes an additional 11% raise planned for next year on top of a previously approved 17%. The company is also seeking substantial premium hikes of 36% targeting condominium policies and 52% aimed at renter insurance.
- Insurance Commissioner Ricardo Lara authorized the initial 17% hike based on an independent judge's recommendation to maintain market integrity, while a public hearing is scheduled for October to review these requests.
- The rate hikes highlight California's insurance crisis, with consumer advocates urging regulators to scrutinize State Farm's data amid concerns over large premium increases and limited insurer availability.
20 Articles
20 Articles
The Center Square
Winters ExpressState Farm seeks rest of 30% rate hike after getting approved for 17%
(The Center Square) - State Farm, California’s largest property insurer, is seeking the remainder of its originally requested 30% rate hike after getting emergency, temporary approval for a 17% rate
LA Daily News
Pasadena Star NewsState Farm seeks 30% overall hike for California home insurance policies
The company is asking for an additional 11% on top of a 17% rate increase after the Los Angeles fires
State Farm requests another rate hike, 1 week after CA approved the last one: Here's how much
Starting in June, State Farm will raise premiums by 17% for homeowners. If this latest request is granted, the company could push that figure as high as 30% by the year 2026.
State Farm Insurance seeks additional rate hike on top of 17% approved by state
(KRON) -- Following last week's approval of a 17% rate hike for homeowners by California Insurance Commissioner Ricardo Lara, State Farm Insurance is now seeking an additional rate hike. State Farm representatives had initially sought a 30% rate increase in June of 2024. On Tuesday, a company spokesperson clarified that the company was not seeking 30% on top of the hike approved by Commissioner Lara last week. Rather, the company is seeking an 1…
State Farm California Rate Hike Sparks Outrage - American Faith
California homeowners face soaring insurance costs as State Farm pushes for a total 30% increase in home insurance rates. The company already secured a 17% emergency hike, and now seeks an additional 11%, even while many wildfire victims say they haven’t received fair compensation. State Farm’s 17% increase, effective in June 2025, was approved by Insurance Commissioner Ricardo Lara following recent destructive fires. The approval followed a mon…
Coverage Details
Bias Distribution
- 45% of the sources are Center
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
