SANTA BARBARA, Calif.-In the wake of the LA fires insurance rates are going up.
California just approved State Farm's 17 percent increase on home insurance premiums.
The rate hike will begin in June and impact about a million customers.
But it is lower than the 21.8 percent State Farm had requested.
California's Insurance Commissioner Ricardo Lara adopted the plan Tuesday, following a judge's ruling on Monday.
He also approved a cash infusion to help the State Farm stay afloat in the state.
It being called an emergency rate increase request following the Eaton and Palisades Fires that destroyed or damaged more than 17,000 homes, businesses and structures in January.
Realtor Steve Epstein of Epstein Partners said rate increases are already impacting real estate transactions in Santa Barbara County.
"I can tell you where it has really hurt people is up in the foothills, once you get into the high fire or extreme wildland fire, once you get by Botanic Gardens or Mission Canyon, upper Mission Canyon Heights or those areas the insurance expenses are crazy.," said Epstein, " We had a listing on Painted Cave, the initial quote was a 100 grand a year."
Other insurance companies are likely raise rates, too.
Many including AAA, Mercury have already filed applications to have surcharges approved by the state.
Tim Baxter of Baxter Insurance Agency in Santa Barbara has been talking to his clients about it.
"For every dollar in premium they are paying more than a dollar out in claims and until that can return to an equilibrium i expect to see rate hikes," said Baxter.
Mission Canyon homeowner Matthew Nirenberg recalled being close to the Zaca Fire.
Nirenberg is working with the Calfornia Fair Plan that provides insurance options.
You can find more information at /insurance.ca.gov
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