Insurance Commissioner Lara ‘Provisionally’ Agrees to State Farm’s 22% Rate Hike
California Insurance Commissioner Ricardo Lara “provisionally” approved State Farm General’s request for an emergency 22% increase in its homeowners insurance rate Friday — but only if the company can justify it with data in a public hearing scheduled for next month.
State Farm can hike rates on California homeowners — if it pauses cancellations and proves need
California Insurance Commissioner Ricardo Lara said Friday he will grant State Farm’s request to raise home insurance premiums by 22% on average if the company agrees to certain conditions.
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.
California Insurance Chief Backs 22% State Farm Rate Hike
California Insurance Commissioner Ricardo Lara said he plans to approve a 22% emergency rate increase for State Farm policyholders, pending a public hearing next month, in a move aimed at stabilizing the state’s insurance market after the Los Angeles area’s devastating wildfires.
CA approves 22% rate hike for state’s top property insurer
California Insurance Commissioner Ricardo Lara provisionally approved State Farm’s request for a 22% property insurance rate hike, citing a need to stabilize the insurance market. Lara said State Farm must justify its provisionally approved rates with data it provides in a public hearing.
State Farm home insurance rates set to soar again in Bay Area
California's insurance chief gives green light to major rate hike for State Farm homeowners, but with some concessions attached.
State Farm’s 22% rate increase gets tentative OK from California insurance chief
Commissioner Ricardo Lara Lara wants the insurance giant to present evidence justifying the increase at a public hearing April 8.
California insurance commissioner OKs State Farm rate hike, pending vote
State Farm made its request following years of losses and huge damage claims it has received following the Jan. 7 fires.
California insurance commissioner to approve State Farm rate hike — if conditions are met
State Farm asked for a 21.8% increase for homeowner coverage and 15% for renters and condominium policies, according to an order from the department. State Farm also asked for a 38% increase for landlord coverage. Those will go into effect June 1 “if State Farm is able to meet its burden to support these interim rate requests,” the order said.
California regulators provisionally approve State Farm steep homeowner rate hike
California insurance regulators have provisionally approved State Farm's request for a steep rate hike for homeowners following the devasting Los Angeles wildfires. On Friday, Insurance Commissioner Ricardo Lara signaled his willingness to allow State Farm to raise homeowner rates by an average of 22%.
CA Insurance OKs 22% Home Insurance Rate Hike by State Farm, with Conditions
California says State Farm must commit to pause canceling and not renewing homeowners' policies through the end of this year.
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