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May 15, 2025

Calif. approves State Farm's request for 17% premium increase for homeowners

  • The insurance giant says it will help rebuild its capital after the Los Angeles wildfires.
    • By TRAN NGUYEN
    Associated Press

    SACRAMENTO, Calif. — California's top insurance regulator said Tuesday that State Farm can soon start raising premiums by 17% for all of its home insurance customers in the state to help the insurer rebuild its capital following the Los Angeles wildfires.

    State Farm has argued the emergency rate hikes are necessary to help the company avoid a “dire” financial crisis that could force them to drop more California policies. The state's largest home insurer said it was already struggling financially before this year but the LA fires, which destroyed more than 16,000 buildings in January, have made things worse.


     
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