State Farm General said on Monday it is asking the California Department of Insurance to immediately approve interim rate increases, including 22% average for homeowners.
The carrier, the state’s top homeowners insurer, is partly blaming the devastating Los Angeles wildfires for the request.
“As of February 1st, State Farm General (Fire only) has received more than 8,700 claims and has already paid more than $1 billion to customers,” a statement from the company reads. “State Farm General will ultimately pay out significantly more, as collectively these fires will be the costliest disasters in the history