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In 2023, State Farm raised rates by an average of 20% for existing customers and said it would no longer accept new homeowners’ insurance applications in California.
State Farm is seeking increases of as much as 52% for some of its residential insurance rates in California, which could ramp up the financial burden for many homeowners and renters in the state ...
Currently, California homeowners in high-risk areas have few insurance options. Many have turned to the California FAIR plan, a private program established by the state and designed to be a fire ...
It estimates that insurance rates could rise 40% to 50% as a result of the change, an estimate that Lara disputes. ... such as State Farm, Farmers and Allstate in just the last 13 months ...
State Farm is expected to increase its average rate for homeowner insurance policies in California by 20% next year, under a proposal approved last week by the Department of Insurance, records shows.
That law was passed in the wake of the 2017 and 2018 wildfires that had caused some $20 billion in damages—a figure high enough to wipe out a quarter century of insurance industry profits in the ...
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