Sonora, CA — California’s Insurance Commissioner Ricardo Lara announced Tuesday that State Farm will soon be able to increase premiums by 17% for all of its home insurance customers.
The rate increase he approved is in response to the financial impacts the company experienced from the Los Angeles wildfires. It will impact the nearly 1 million homeowners that State Farm insures in California. State Farm had initially requested a 22% increase, but scaled it back at a hearing before an administrative judge. There is also a 38% spike for rental owner insurance and a 15% increase for tenant insurance. The changes take effect in June.
District Four Republican Senator Marie Alvarado-Gil, who represents the Mother Lode region, says, “Californians deserve real solutions, not ones that make their lives more unaffordable. The approval of State Farm’s rate hike is another slap in the face to Californians. It’s the direct result of years of failed progressive policies that have turned the state into a tinderbox and created an unaffordable, unsustainable insurance market. Companies have fled the state. And families in rural communities like mine have either been forced onto the overpriced FAIR Plan, or left without coverage altogether. This is an expensive Band-Aid that only worsens our cost-of-living crisis.”
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