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.
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