N@N

State Farm seeks rate hikes in California to offset wildfire payouts

State Farm General Insurance Co. has requested significant rate increases for homeowners, renters, and other insurance policies in California to offset the rising costs associated with wildfires. The company is seeking a 20% increase for homeowners, 36% for renters, and 52% for condo owners, among other hikes. This move comes as insurers face mounting financial pressures from climate change-related disasters, with California experiencing some of the most destructive wildfires in recent years. The proposed rate increases are part of a broader trend where insurers are either raising premiums or pulling out of high-risk areas due to the increased frequency and severity of natural disasters. The California Department of Insurance will review these requests, considering factors like the insurer's financial health and the impact on consumers, before any changes are implemented.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/state-farm-seeks-rate-hikes-california-offset-wildfire-payouts-2025-02-04/ ]