State Farm plans to raise property insurance rates again for California policyholders, compounding recent increases. Homeowners could see a premium hike of up to 30% by 2026, while condo owners and renters might face increases of 36% and 52%, respectively. Consumer Watchdog criticizes the move as greedy, urging that policyholders shouldn't bear the burden of the company's past mismanagement. State officials emphasize the need for more transparency and data before approving further hikes, insisting all rates must be justified to protect consumers.
If granted, State Farm could push homeowners' premiums by 17% this June to a potential 30% by 2026, amid already substantial rate increases.
Policyholders shouldn't have to pay for State Farm's mistakes, and their demands for rate hikes lack transparency and justification, according to Consumer Watchdog.
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