A crucial meeting is set for today in Oakland between California’s Insurance Commissioner and State Farm representatives. They’ll discuss State Farm’s request for emergency rate hikes, up to 38%, following the Los Angeles-area wildfires.
State Farm argues the increases are needed to cover wildfire claims and maintain financial stability, citing over $1 billion already paid out. However, consumer advocates like Consumer Watchdog are challenging the request, calling it “improper” and questioning State Farm’s financial justifications.
The insurance commissioner will be considering State Farm’s request for a 22% increase on homeowner policies, 15% on condominiums, and 38% on rental units, effective May 1st.
