State Farm’s financial solvency has grown so precarious following the Los Angeles fires that insurance regulators in California and Illinois have held “multiple conversations” about how the property i
LOS ANGELES — California's insurance commissioner turned down a request by State Farm General for an emergency 22% hike of its home insurance rates due to the Los Angeles wildfires,
After the Los Angeles fires, State Farm asked for an “emergency” premium increase of 22% on average for California homeowners.
State Farm is asking the state of California if it can temporarily raise its homeowner insurance rates because the company says that paying out claims for the Los Angeles wildfires is hurting its finances.
California's insurance commissioner met with State Farm executives Wednesday to discuss the emergency request for a rate hike.
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