State Farm has applied for large rate increases in California, a year after the carrier got rate approvals of 7% and 20%—adding fuel to a burning homeowners crisis in a state that’s seen an increasing number of carriers pullback or raise rates in the last year.
The Bloomington, Illinois-based insurer, the largest in California, insuring nearly one-in-five homes in the state, requested a 30% rate increase for its homeowners line, a 52% rate increase for renters and 36% rate increase for condo coverage.
A growing number of carriers have grown disenchanted with California as larger and more frequent wildfires rear up in the state’s increasingly longer wildfire season. The season ahead doesn’t look like it will give much relief. So far, it’s been far busier for firefighters than last year—and the state is heading into a week of triple digit temperatures and a holiday with fireworks.
A CalFire official on Monday said there ha