State Farm Seeks an Urgent Increase in California Rates After Fires
State Farm has received more than 8,700 claims from the Los Angeles fires alone and paid more than $1 billion to customers, according to the company. The insurer expects to pay out significantly more, and the fires will be the costliest in the history of State Farm, the company said.
Citing what it calls a potentially “dire situation,” State Farm asked California for permission to hike insurance rates by an ...
The largest insurer in the state is requesting a rate increase that would affect every one of its customers, and likely drive up the price of coverage for everyone else.
State Farm came under fire for seeking a 22 percent rate hike, with a 38 percent increase for renters, after the California wildfires.
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