Insurance Commissioner Lara ‘Provisionally’ Agrees to State Farm’s 22% Rate Hike
California Insurance Commissioner Ricardo Lara “provisionally” approved State Farm General’s request for an emergency 22% increase in its homeowners insurance rate Friday — but only if the company can justify it with data in a public hearing scheduled for next month.
State Farm can hike rates on California homeowners — if it pauses cancellations and proves need
California Insurance Commissioner Ricardo Lara said Friday he will grant State Farm’s request to raise home insurance premiums by 22% on average if the company agrees to certain conditions.
California insurance commissioner "provisionally" approves State Farm 22% rate increase
California Insurance Commissioner Ricardo Lara announced Friday he has "provisionally" approved State Farm's rate hike of 22% as the company reports dealing with financial struggles stemming from the Los Angeles wildfires.
California regulator mulls State Farm’s request for 22% premium hike for homeowners after LA fires
California's top insurance regulator says he will approve an emergency request from State Farm to raise home insurance rates for roughly a million customers if the company can justify the hike at a public hearing.
California Allows State Farm’s Emergency 22% Hike in Homeowner’s Insurance Rates
California’s insurance commissioner said his approval was conditioned on State Farm justifying its need for the increase by bringing data to a public hearing on April 8.
State Farm home insurance rates set to soar again in Bay Area
California's insurance chief gives green light to major rate hike for State Farm homeowners, but with some concessions attached.
California Insurance Chief Backs 22% State Farm Rate Hike
California Insurance Commissioner Ricardo Lara said he plans to approve a 22% emergency rate increase for State Farm policyholders, pending a public hearing next month, in a move aimed at stabilizing the state’s insurance market after the Los Angeles area’s devastating wildfires.
CA approves 22% rate hike for state’s top property insurer
California Insurance Commissioner Ricardo Lara provisionally approved State Farm’s request for a 22% property insurance rate hike, citing a need to stabilize the insurance market. Lara said State Farm must justify its provisionally approved rates with data it provides in a public hearing.
State Farm’s 22% rate increase gets tentative OK from California insurance chief
The state’s largest insurer will have to present evidence justifying the rate increase at a public hearing scheduled for April 8.
California regulators ‘provisionally’ approve State Farm steep homeowner rate hike
It’s unclear how much premiums could go up in the Bay Area or which parts of the region would see the largest rate hikes. Statewide, the insurer covers roughly 15% of homes, totaling more than 1 million customers.
California insurance commissioner to approve State Farm rate hike — if conditions are met
State Farm asked for a 21.8% increase for homeowner coverage and 15% for renters and condominium policies, according to an order from the department. State Farm also asked for a 38% increase for landlord coverage. Those will go into effect June 1 “if State Farm is able to meet its burden to support these interim rate requests,” the order said.
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