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State Farm, California’s largest insurance provider, is asking for a 22 percent interim rate hike for California homeowners just week after the deadly Los Angeles wildfires (Getty Images)
The rate hike could work out to an average increase of 22% for California homeowners, State Farm General revealed Monday. "The costs of the January 2025 wildfires will further deplete capital from ...
In 2019, insurers declined to renew 235,000 home insurance policies in California statewide in a 31% increase in the statewide non-renewal rate from the previous year, with non-renewal rates in ZIP Codes with moderate to high wildfire risk increasing by 61% and in the top 10 counties for wildfire risk by 203%. [181]
The insurer, California’s largest, is requesting a 30% rate increase for its homeowners line, a 52% rate increase for renters and a 36% rate increase for condominium owners.
Paleoclimatological studies indicate that the last 150 years of California's history have been unusually wet compared to the previous 2000 years. Tree stumps found at the bottom of lakes and rivers in California indicate that many water features dried up during historical dry periods, allowing trees to grow there while the water was absent.
A family in San Carlos, California, is facing an impossible decision: spend more than $40,000 to remove a nearly 500-year-old heritage white oak tree in their backyard or find new homeowners ...
These include how much rain falls and how fast the rain evaporates again. Warming over land increases the severity and frequency of droughts around much of the world. [31] [32]: 1057 In some tropical and subtropical regions of the world, there will probably be less rain due to global warming. This will make them more prone to drought.
The Fed has raised its target interest rate 11 times since March 2022, in an effort to bring down the rate of inflation to 2%. The current rate of 5.25% to 5.5% is its highest in 22 years.