Reported 1 day ago
Californians affected by the devastating wildfires of early 2025, which caused $250 billion in losses, are now facing a potential 17% rate increase in home insurance from State Farm, the largest insurer in the state. As many homeowners worry about maintaining their insurance coverage, State Farm cites financial challenges after paying billions in claims, while numerous other insurance companies have pulled back or exited the market entirely. Legislation has been proposed to address this crisis but faces significant political hurdles.
Source: YAHOO