California's insurance chief is nearing a decision on State Farm's request for substantial rate hikes due to financial strain from wildfires. The company seeks a 22% increase for homeowners and higher rates for renters and landlords. State Farm argues the hikes are necessary to address $7.6 billion in wildfire-related losses. Following a meeting, Insurance Commissioner Ricardo Lara has stressed the need for commitments from State Farm to maintain their presence in California and ensure expanded coverage, especially as the company has curtailed policy offerings in recent years.
"If State Farm consumers are going to be asked to pay more, that we get some guarantees that State Farm officials are going to continue to grow their footprint and stay in California," emphasized Insurance Commissioner Ricardo Lara.
"State Farm General says the increases are necessary to pay out future claims after it expects to cover $7.6 billion in estimated losses from the devastating Los Angeles wildfires."
"Earlier this month, State Farm asked the California Department of Insurance to approve statewide rate increases averaging 22% for homeowners and a 33% hike for rental owners."
Collection
[
|
...
]