State Farm General is requesting an average 22% hike in homeowner insurance rates in California to address financial difficulties stemming from the devastating wildfires in LA. Specifically, the company has sought a 38% increase for rental buildings and 15% increases for condo owners and renters. The insurer has received over 8,700 claims related to the January 7 wildfires and has already disbursed over $1 billion, likely facing even more expenses as the costliest natural disaster in the county's history unfolds. The company emphasizes the urgency of these rate adjustments to stabilize its operations.
State Farm General is seeking a 22% average increase in homeowner insurance rates in California due to financial pressures post-LA fires.
After receiving over 8,700 claims from wildfires, State Farm has paid out more than $1 billion and anticipates future payouts will exceed that.
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