In a sign of financial trouble, State Farm General has asked for permission to dramatically increase insurance rates for millions of California homeowners and renters.
State Farm General is seeking to dramatically increase residential insurance rates for millions of Californians, a move that would deepen the state's ongoing crisis over housing coverage. In two filings with the state's Department of Insurance on Thursday signaling financial trouble for the insurance giant, State Farm disclosed it is seeking a 30% rate increase for homeowners; a 36% increase for condo owners; and a 52% increase for renters.
9% bump in January 2023 and a 20% hike that went into effect in March. State Farm's bid to sharply increase home insurance rates seeks to utilize a little-known and rarely used exception to the state's usual insurance rate-making formula. Typically, such a move signals that an insurance provider is facing serious financial issues. In one of the filings, State Farm General said the purpose of its request was to restore its financial condition.
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