Insurance commissioner grants State Farm 17% emergency rate hike after L.A. fires
Insurance Commissioner Ricardo Lara adopted an administrative law judge’s ruling Tuesday and granted State Farm General an emergency 17% hike in its homeowner rates.
The commissioner’s decision followed the release earlier in the day of a ruling by Judge Karl Frederic Seligman, who recommended that Lara adopt the rate increase pending the department’s consideration of a larger rate request the insurer sought last year due to its weak financial condition.
“I expect State Farm to provide the highest level of service to its California customers and to fulfill its promises,” Lara said in a statement. “State Farm must now justify its financial condition and detail its recovery plan in a full rate hearing before a neutral judge and my department’s experts.”
The decision also would give State Farm interim rate hikes of 15% for its condo and renters insurance and 38% for its landlord rental-dwelling insurance. State Farm originally sought a 22% emergency rate hike for its homeowners coverage, but later reduced the request to 17%.
https://www.latimes.com/business/story/2025-05-13/administrative-law-judge-approves-denies-revises-state-farms-request-for-a-17-emergency-rate-hike-la-wildfires
= new reply since forum marked as read
It's good to be on the commission and (allegedly) work on commission.
