State Farm seeks ‘massive’ insurance rate hike for California homeowners

Seen here, a property burns during the LNU Lightning Complex Fire in Pope Valley, Calif., Aug. 20, 2020 Yet again, State Farm is seeking to raise California homeowners’ insurance premiums — this time by an average of 30%.

Under the current proposal, nearly all impacted policyholders — including those across the Bay Area — would see their premiums go up between 25% and 35%. California homeowners pay an average of $1,453 a year for the most common type of coverage, according to Bankrate.com, a personal finance website. 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.

“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.” In its latest rate filings, State Farm has asked the insurance department to grant a “variance” to raise premiums higher than usual due to the company’s uncertain financial outlook. State Farm would need to prove the increases are warranted.

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 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 seeks enormous rate increases in California to prevent insolvencyState 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.
Source: LAist - 🏆 606. / 51 Read more »

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 »

Opinion: In California, State Farm is not such a good neighbor after allLawson-Remer is vice chair of the San Diego County Board of Supervisors. She represents District 3 and lives in Encinitas. For decades, people have dutifully paid their insurance premiums, trusting…
Source: sdut - 🏆 5. / 95 Read more »