CA SF Demands 22% Rate Hike

[marindependent]

SF got their 22 % rate increase.

Well - sort of. Folks are calling it a "Provisional Approval"

"Lara said today he will grant State Farm's request to raise home insurance premiums by 22% on average if the company agrees to certain conditions...

Lara's conditions are that State Farm, the state's biggest provider of homeowners insurance, commit to pause canceling and not renewing policies through the end of this year. He also is asking that its parent company, State Farm Mutual, give or loan the California entity, State Farm General, $500 million to help boost its finances. In addition, State Farm must prove its need for the interim rate increases at a hearing April 8, where it must present updated and more detailed data."

Cal Matters - March 14, 2025

 

[Allen Trent]

Well - sort of. Folks are calling it a "Provisional Approval"

"Lara said today he will grant State Farm's request to raise home insurance premiums by 22% on average if the company agrees to certain conditions...

Lara's conditions are that State Farm, the state's biggest provider of homeowners insurance, commit to pause canceling and not renewing policies through the end of this year. He also is asking that its parent company, State Farm Mutual, give or loan the California entity, State Farm General, $500 million to help boost its finances. In addition, State Farm must prove its need for the interim rate increases at a hearing April 8, where it must present updated and more detailed data."

Cal Matters - March 14, 2025

typical. they are price gouging so soon after a national disaster. Shameful after only having 7.6B in losses