Reported about 18 hours ago
The California insurance regulator has approved State Farm's request to raise premiums by 17% for homeowners in the state to help stabilize the insurer's finances after recent wildfires. This increase, affecting about 1 million customers, follows a series of regulatory changes aimed at encouraging insurers to continue offering policies in high-risk areas. Although State Farm initially sought a 22% increase, they settled for 17% in a recent hearing. The new rates will take effect in June, with a temporary pause on some policy nonrenewals.
Source: YAHOO