LOS ANGELES — California's insurance commissioner turned down a request by State Farm General for an emergency 22% hike of its home insurance rates due to the Los Angeles wildfires,
After the Los Angeles fires, State Farm asked for an “emergency” premium increase of 22% on average for California homeowners.
In the wake of the Los Angeles wildfires, State Farm asked for an “emergency” premium increase of 22% on average for California homeowners. Lara today denied the request pending more information.
State Farm has given Insurance Commissioner Ricardo Lara a stark choice: approve a rate increase consumer advocates say amounts to $600 per household, or run the risk that California’s largest insurer may drop even more policies across the state.
California's insurance commissioner met with State Farm executives Wednesday to discuss the emergency request for a rate hike.
Insurance Commissioner Ricardo Lara had asked for the meeting in which he and Consumer Watchdog will sit down with State Farm reps to discuss proposed emergency policy rate increases of up to 38% to cover the costs associated with the Los Angeles-area wildfires.
Ricardo Lara said he will look at information provided by State Farm before revisiting his previous decision to reject the company’s emergency rate hike.
Earlier this month, State Farm — the state’s largest home insurance provider — asked the California Department of Insurance to approve statewide rate increases averaging 22% for homeowners. It also requested a 15% increase for renters and condo owners and a 33% hike for rental owners.
Commissioner Ricardo Lara scheduled a meeting with State Farm to hear their justification for the rate increase.
California Insurance Commissioner Ricardo Lara rejected State Farm’s “emergency” premium increase of 22% on average for California homeowners.
California’s insurance commissioner met with representatives for State Farm Wednesday in Oakland to talk about why the company has requested an emergency rate hike following the Los Angeles County wildfires.