California Insurance Commissioner Ricardo Lara provisionally approved State Farm’s request for a 22% interim homeowners insurance rate hike, the California Department of Insurance announced on Friday.
The approval depends on whether the company can justify the rate increase with data during a public hearing scheduled for April 8.
In a statement, State Farm said, “It’s time for certainty in the California insurance market for our customers. The provisional nature of today’s decision does not improve that certainty