Reported 3 days ago
California's insurance regulator is contemplating State Farm's request for a 22% increase in homeowners' insurance premiums due to significant financial losses from recent wildfires in Los Angeles. State Farm, which has about a million policies in California, argues the hike is necessary to recover financially after the wildfires destroyed thousands of homes. The decision will depend on a public hearing where State Farm must justify its need for the rate increase, while consumer advocacy groups express concerns about rising costs for policyholders.
Source: YAHOO