Citing recent filings with the state of California, Andrea Chang at the Los Angeles Times revealed that State Farm Insurance is looking to raise homeowners insurance rates within the state. These increases are not small; Chang points to a 52% increase for renters and a 30% increase for homeowners.
California's government expressed concern over State Farm's rate hike plans, stating, 'This has the potential to affect millions of California consumers and the integrity of our residential property insurance market.' - Richardo Lara, California's insurance commissioner.
California's insurance commissioner, Richardo Lara, announced plans to help at-risk homeowners get insurance in wildfire-prone areas, focusing on increasing options and ensuring insurers take wildfire safety seriously.
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