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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 ...
Facing mounting losses from paying out California claims, insurance giants, including Allstate, State Farm, and Farmers, have either pulled out of the state entirely in recent years or limited the ...
As a result, many homeowners were forced to obtain coverage from the state’s insurer of last resort, the California Fair Access to Insurance Requirements (CA FAIR) Plan, which covered 1,430 ...
The judge concluded that State Farm's premiums for homeowners insurance have been excessively high since July 15, 2015. [104] The ruling orders State Farm to refund policyholders for overcharges collected after that date and reduce its homeowners insurance rates by 7 percent. [105]
Between 2020 and 2022, insurance companies declined to renew 2.8 million homeowner policies in the state, according to the most recent data from the California Department of Insurance.
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