Big Homeowner Rate Hike From State Farm Shot Down by California Regulator
California's insurance chief rejects State Farm's 'emergency' rate hike, setting stage for a crucial industry showdown.
Lara demands justification for State Farm rate hike
In a letter issued on Friday, Lara said State Farm’s request for an emergency interim rate increase can only be granted if the carrier can show why a price hike is necessary. A meeting is set for 26 February. State Farm has requested a rate increase from 1 May of 22% for non-tenant homeowners, 15% for tenants and 38% for rental dwelling.
California Rejects Insurance Company's Demand For Rate Hike
California's insurance commissioner has turned down a request for an emergency 22 percent hike in home insurance rates, following the Los Angeles wildfires.
Insurance commissioner Lara Seeks meeting with State Farm on rate request
In a letter to the insurer, Lara said under Proposition 103, State Farm has the burden of explaining why the rate hike is needed now — which he says the company has “not met.”
California Insurance Commissioner asks State Farm to justify 22% insurance rate increase
Commissioner Ricardo Lara scheduled a meeting with State Farm to hear their justification for the rate increase.
State Farm's emergency rate hike rejected by insurance commissioner
After State Farm, California's largest insurer, filed a request for an emergency 22% rate hike for homeowner policies, Insurance Commissioner Ricardo Lara rejected the company's request Friday.
California Bill Could Force Insurers to Change Payout Policies
Proposed legislation could force insurers in California to pay 100 percent of the coverage for belongings inside homes ...
Insurancenewsnet.com8h
Insurance commissioner, legislative leaders join forces to introduce proposals for wildfire mitigation and recovery
Insurance Commissioner Ricardo Lara, along with several legislators, is advancing a comprehensive legislative package aimed at protecting wildfire survivors and improving preparedness for future ...
Big CA insurance hike blocked for now
The state’s insurance commissioner blocked a State Farm request to raise rates as wildfire insurance claims continue to roll in.
California bill would require insurers to pay full coverage without itemized lists
A proposed California bill could force insurers to pay homeowners 100% of the coverage for belongings inside destroyed homes, ...
Action News Now22h
State Farm responds to California Insurance Commissioner's denial of emergency interim rate request
State Farm pointed out that over the last nine years, the lack of alignment between price and risk means that for every $1 ...
Valley Roadrunner14h
How the insurance crisis impacts our communities
It’s extremely concerning how the insurance crisis in California is impacting our communities. Many homeowners are finding themselves without coverage or facing skyrocketing premiums due to the ...
State Farm’s rate hike shot down by California regulator
California Insurance Commissioner Ricardo Lara rejected State Farm’s “emergency” premium increase of 22% on average for ...
California seeks $1 billion from insurers to shore up FAIR Plan after LA fires
California Insurance Commissioner Ricardo Lara has requested $1 billion in additional funds from the commission's member ...