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March 17, 2025

California regulator mulls State Farm's request for 22% premium hike for homeowners after LA fires

  • The state's largest insurer said it needs to quickly rebuild its capital to prevent a “dire” financial situation.
    • By TRAN NGUYEN
    The Associated Press

    SACRAMENTO, Calif. — California's top insurance regulator on Friday said he would approve an emergency request by State Farm to raise premiums 22% on home insurance for about a million customers if the insurance giant could justify the hike at a public hearing.

    State Farm, the state's largest insurer with roughly 1 million home insurance policies in California, said the emergency rate would help the company rebuild its capital following the Los Angeles wildfires that destroyed more than 16,000 buildings, mostly homes. The company is trying to prevent a “dire” financial situation that executives said could push homeowners into the state's last-resort insurance option.


     
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