State Farm implemented substantial rate increases on California homeowners, averaging 17%, to recover losses from recent wildfires. Renters and condominium owners faced a 15% hike, while apartment owners saw a staggering 38% rise. The insurer is proposing an additional 11% increase across all residential properties. Other companies are following suit, responding to the threat of climate disasters by seeking similar increases or discontinuing policies. There is a call for insurance companies to pressure the fossil fuel industry to take responsibility for climate-related damages instead of burdening homeowners with rising rates.
State Farm raised rates significantly due to losses incurred from the Los Angeles wildfires, including a 17% increase for homeowners and larger hikes for other property types.
Other insurance companies in California are also seeking rate increases in response to the wildfires, reflecting the growing concern over climate-related disasters impacting their business.
Insurers are encouraged to hold oil and gas companies accountable for climate change, advocating for them to cover their fair share of the resulting economic damage.
Research indicates that emissions from just 111 fossil fuel companies accounted for approximately $28 trillion in climate-related damages, highlighting the financial impact of their operations.
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