State Farm General, California's largest insurance provider, has requested a 22% emergency rate hike for homeowners in light of over $1 billion in claims following destructive wildfires. The company's letter to the state's insurance commissioner highlighted the urgent need for increased rates to prevent further financial degradation and to maintain claims-paying capacity. California homeowners already face extremely high insurance premiums, impacted by the state’s wildfire risks. The request raises concerns about State Farm's financial health, prompting a swift response from the Insurance Commission.
State Farm has requested an emergency 22% rate increase for homeowners, citing financial distress after recent wildfires that led to over $1 billion in claims.
The company warned that the recent wildfires will result in the costliest claims in its history, necessitating immediate rate hikes to sustain operations.
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