Seen here, a property burns during the LNU Lightning Complex Fire in Pope Valley, Calif., Aug. 20, 2020
Under the current proposal, nearly all impacted policyholders would see their premiums go up between 25% and 35%. State Farm’s proposed rate increase would boost premiums by hundreds, if not thousands, of dollars, depending on the price of a homeowner’s current coverage.Consumer advocates called on the California Department of Insurance to closely scrutinize the evidence State Farm is providing to support the request before deciding whether to approve it.
“State Farm General is working toward its long-term sustainability in California,” the company said in a statement to news organizations. “Rate changes are driven by increased costs and risk.”California’s insurance rates are tightly regulated and, as a result, far lower than in many other states. The insurance industry, citing a series of destructive wildfire seasons and rising building costs, argues the rules have become untenable.
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