Home Insurance

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.State Farm requested massive increases to its California residential insurance rates, which calls its financial stability into doubt amid an ongoingFor the last year, State Farm has not written new policies in California, and it has not renewed tens of thousands of existing policies.

Documents from AM Best, a company that rates insurance companies’ financial solvency, show a troubled situation for State Farm. Its financial strength was downgraded this spring, and its long-term outlook is considered negative. Lara sought to reassure State Farm policyholders that nothing would change immediately as a result of these filings. Under California’s regulatory process, rate filings should take two months to be reviewed, although they have dragged on for years in some cases — a process set for a

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