State Farm has announced plans to hike the premiums of California households by as much as 52 percent, following an earlier announcement it was cancelling the insurance of 72,000 other homeowner policies.
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Excerpt from www.newsweek.com
After announcing it won’t renew coverage for 72,000 properties across California only a few months ago, State Farm is delivering another blow to policyholders in the Golden State by seeking to increase its premiums by as much as 52 percent.
The insurer accounts for 8.7 percent of all home insurance policies in California, according to 2022 data cited by the San Francisco Chronicle. State Farm has asked the state government permission to raise its rates by 30 percent for homeowners, 36 percent for condo policies, and 52 percent for renters’ policies. The increases sought by State Farm are in its filing to the state Department of Insurance, NBC Los Angeles reported.
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