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

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.

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 ‘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 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 »