California’s largest fire insurance provider, State Farm General, is seeking interim rate hikes amid the devastating L.A. wildfires. The company claims it has paid over $1 billion to customers and received nearly 9,000 claims as of February. If approved, the rate hikes would be 22% for homeowners, 38% for rental properties, and 15% for tenants and condo unit owners. This could lead to increased insurance premiums for California residents. The risk is seen as greater due to the costliest wildfires in State Farm’s history, with no new policies being written in California since last spring.
Source: https://laist.com/brief/news/housing-homelessness/state-farm-california-rate-increases