A report from a climate activist group says State Farm’s rate increases, if approved, would cost the average California homeowner more than $1,000.
State Farm upped its rate request in May, a week after getting the OK for a large rate hike to what the company had originally wanted before being rejected and agreeing to an interim deal for an increase. The wildfire-bitten insurer got approval for a 17% rate increase following billions of dollars in losses from the Los Angeles wildfires and pullback on writing new policies in the state.
An analysis from the Center for Climate Integrity says that if the additional increase is approved, the average California policyholder will be paying $1,015 more for homeowners insurance in 2026 than they did in 2023.
“It’s not fair that everyday Californians are forced to pay higher insurance rates because o…