State Farm again is seeking huge increases in home insurance rates in California
CNN
State Farm is seeking increases of as much as 52% for some of its residential insurance rates in California, which could ramp up the financial burden for many homeowners and renters in the state’s troubled insurance market.
State Farm is seeking increases of as much as 52% for some of its residential insurance rates in California, which could ramp up the financial burden for many homeowners and renters in the state’s troubled insurance market. It’s the third major change for State Farm in California within the last year. The insurer stopped selling insurance for new homes in the state last summer, citing wildfire risks and skyrocketing construction costs. The insurer, California’s largest, is requesting a 30% rate increase for its homeowners line, a 52% rate increase for renters and a 36% rate increase for condominium owners. State Farm was previously approved for a 20% hike for homeowners’ and condominium owners’ policies last December. The company said in a statement that its state subsidiary, State Farm General, is “working toward its long-term sustainability in California” and that the rate increases are “driven by increased costs and risk and are necessary for State Farm General to deliver on the promises the company makes every day to its customers.” “We continue to look for ways to maintain competitive rates and help our customers manage their risk,” a State Farm spokesperson said. “Customers with questions are encouraged to speak with their local State Farm agent. The agent can review the customer’s policy, including deductibles and coverages.” The California Department of Insurance has to approve the rate changes.
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