Some homeowners across California are on the verge of sticker shock. The state’s largest insurer is requesting its biggest increase ever. State Farm wants to raise rates by an average of 30-percent. It’d be way higher for renters at 52-percent. The company claims it’s facing increased losses due to water damage and liability claims, on top of billions spent in 2017 and 2018 for catastrophic wildfires. Insurance Commissioner Ricardo Lara says this raises serious questions about their financial condition and he plans to investigate.
State Farm Looking to Raise Rates by 30-Percent in California
