California Insurance Commissioner Ricardo Lara did not approve an emergency, interim 22% rate request from State Farm, instead calling a meeting with the carrier to get some answers about the carrier’s financial situation and more.
State Farm General earlier this month asked 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 14, the