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California insurance commissioner OKs State Farm rate hike

Silicon Valley on MSN · 6m

California regulators provisionally approve State Farm steep homeowner rate hike

On Friday, Insurance Commissioner Ricardo Lara signaled his willingness to allow State Farm to raise homeowner rates by an average of 22%. He also granted the state’s largest insurer initial approval to increase premiums by 15% for renters and condo owners and 33% for rental owners.

CBS News on MSN · 8h

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.

Newsweek on MSN · 7h

California Homeowners Face Major Rate Hike: 'Unprecedented'

The California Department of Insurance on Friday announced it had provisionally approved an emergency request by State Farm, the state's largest single insurer, to raise its home insurance premiums by 22 percent provided the company can "justify it with data in a public hearing" next month.

The San Joaquin Valley Sun21h

Report: Insurance Commissioner Lara skipped hearing for Bermuda trip

California Insurance Commissioner Ricardo Lara was reportedly on a work-related trip in Bermuda instead of attending an ...

22hon MSN

California Insurance Commissioner was reportedly in Bermuda when he skipped oversight hearing

Lara attended the Bermuda Risk Summit, an event in the Caribbean that is held by members of the insurance and reinsurance ...

Insurance Business America3d

State Farm tells Lara that it "doesn't make sense" to issue new policies in California

With Lara expected to issue a decision on State Farm’s request imminently, homeowners, insurers, and policymakers are bracing ...

3don MSN

California Issues Insurance Warning To Millions As Atmospheric River Nears

The storm expected to hit Southern California on Wednesday could wreak havoc in those same areas devastated by wildfires in January.

LAist on MSN5d

Climate politics and insurance intertwine, giving California official a no-win choice on State Farm

For Insurance Commissioner Ricardo Lara, approving an emergency 22% rate hike request by State Farm would raise bills for ...

Insurance Insider3d

Interveners can no longer hold rates hostage: CA Commissioner Lara

In August 2024, Lara granted Consumer Watchdog eligibility to seek compensation but only for two years, saying the ...

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