State Farm requested massive increases to its California residential insurance rates, which calls its financial stability into doubt amid an ongoing crisis in the state’s insurance market.
In an aerial view, a mudslide has damaged homes after a series of storms passed through on Feb. 28, 2023, in La Cañada, Los Angeles County.If you're enjoying this article, you'll love our daily morning newsletter, How To LA. Every weekday, you'll get fresh, community-driven stories that catch you up with our independent local news.
For the last year, State Farm has not written new policies in California, and it has not renewed tens of thousands of existing policies. “Financially speaking, State Farm is very, very much apparently in trouble. And I think that their request for rate increases will be met with a lot of frustration by consumers because the last thing anybody wants is to be paying more money right now,” said Karl Susman, an insurance broker.
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