State Farm General, California's largest insurance provider, has requested an emergency interim rate hike of 22% for homeowners, citing a 'dire' financial situation following destructive Los Angeles wildfires. The company has already received over 8,700 claims and paid over $1 billion to customers in the wake of the fires. State Farm says the rate hike is necessary to 'help avert a dire situation' for its customers and the insurance market in California.
— State Farm General, California’s largest insurance provider, has requested an emergency interim rate hike averaging 22% for homeowners from state officials on Monday, citing a “dire” financial situation after destructive Los Angeles wildfires last month.In a letter to California’s Commissioner of Insurance, Ricardo Lara, State Farm said it has already received more than 8,700 claims and paid over $1 billion to customers in the wake of the wildfires.
According to the company, State Farm General’s surplus available to pay out claims has been depleted, in part due to claims paid out as a result of natural disasters.In its letter, State Farm said it has three applications for rate increases that have yet to be approved by the state’s insurance commission and that an interim increase was necessary to “preserve its claims-paying capacity.
WILDFIRE INSURANCE CALIFORNIA STATE FARM RATE HIKE
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