SAN DIEGO — State Farm is asking the California Department of Insurance for another rate hike, this on. The company wants to hike rates 30 percent on California homeowners, 36 percent on condo owners, and 52 percent on renters insurance.
“It's critical to understand that nothing changes today for State Farm policy holders,” said Michael Soller, a spokesperson for California Department of Insurance. State Farm has already stopped writing new homeowners policies in California. Earlier this year, the company announced it would not renew 30,000 homeowners’ policies statewide.“State Farm General Insurance Company is working toward its long-term sustainability in California. Rate changes are driven by increased costs and risk and are necessary for State Farm General to deliver on the promises the Company makes every day to its customers.
He agrees, one possibility for customers is to call their agents and ask questions about reducing coverage. “Start out with the question, say, ‘What is the maximum deductible that you offer?’ If that doesn't help enough to be worthwhile, move on to something else. Maybe it's the coverage for personal property. Maybe it's the coverage for loss of use. Sometimes people have coverage that come with these policies that they don't need,” said Susman.
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