State Farm seeking massive rate hikes in California as state's insurance crisis escalates

State Farm is looking to raise insurance rates for some California customers by more than 50% as the insurance giant weighs its future in The Golden State. In a filing to the California Department of Insurance, the company's subsidiary in the state requested to hike homeowners insurance policies by 30%, condo policies by 36%, and renter's policies by a whopping 52%.

The insurance giant announced last year that it would stop accepting new home insurance applications in California due to "historic" increases in construction costs and inflation. Then in March, the company said that it would cut 72,000 home and apartment policies in the state because of inflation, regulatory costs and increasing risks from catastrophes.

State Farm General’s latest rate filings raise serious questions about its financial condition," Lara said in a statement. "This has the potential to affect millions of California consumers and the integrity of our residential property insurance market." Lara emphasized that the rate increases would have to be approved by the California Department of Insurance. The DOI approved a 6.

İnsurance İnsurance Latest News, İnsurance İnsurance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

State Farm requests home insurance rate increase in CaliforniaState Farm is asking for a home insurance rate increase in California.
Source: KTVU - 🏆 465. / 53 Read more »

State Farm seeks ‘massive’ insurance rate hike for California homeownersThe insurance giant is asking regulators to raise rates for the second time in months.
Source: mercnews - 🏆 88. / 68 Read more »

State Farm seeks ‘massive’ insurance rate hike for California homeownersIt says the rate hike is necessary to shore up its finances after billions of dollars in losses caused by wildfires and other weather events.
Source: ladailynews - 🏆 332. / 59 Read more »

State Farm seeks major rate hikes for California homeowners and rentersIn a sign of financial trouble, State Farm General has asked for permission to dramatically increase insurance rates for millions of California homeowners and renters.
Source: latimes - 🏆 11. / 82 Read more »

State Farm: Some Californians can keep home insurance, but there's a catchInsurance giant State Farm says it will let some home insurance customers in California keep their coverage, but there's a catch.
Source: FOXLA - 🏆 445. / 53 Read more »

State Farm: Some Californians can keep home insurance, but something major won't be coveredInsurance giant State Farm says it will let some home insurance customers in California keep their coverage, but there's a catch.
Source: KTVU - 🏆 465. / 53 Read more »