State Farm seeks 22% rate hike for California homeowners to cover Los Angeles wildfire losses
State Farm, the largest insurance company in California, has asked state regulators to immediately approve a steep rate hike for homeowners to prevent a “dire situation” for its customers and the broader insurance market in the wake of the disastrous Los Angeles wildfires.
State Farm, which already has rate increase requests pending, asked state officials to approve more insurance price increases ...
Insurer aggressively grew in Los Angeles, despite getting overweight on fire risk, but decided to cut thousands of policies last year, adding to the state’s home-insurance crisis.
Allstate insurance said it expects a $1.1 billion loss from claims caused by the wildfires that swept through Southern California in January ...
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