July 14, 2024 The Newspaper Serving LGBT Los Angeles

State Farm Demands Rate Hikes for Homeowners, Condo Owners, and Renters in California

Insurance Commissioner Lara to Review State Farm’s Proposed Rate Increases

State Farm has announced plans to raise rates for homeowners by 30%, condo owners by 36%, and renters by 52%, issuing an ultimatum to the state of California. The insurer has refused to sell new policies in the state in the summer of 2023. 

“This has the potential to affect millions of California consumers and the integrity of our residential property insurance market,” said Insurance Commissioner Ricardo Lara. As the filings proceeded through regulatory channels, Lara emphasized the importance of a thorough review to understand the company’s financial situation.

A State Farm statement on the matter said, “We continue to look for ways to maintain competitive rates and help our customers manage their risk. Customers with questions are encouraged to speak with their local State Farm agent. The agent can review the customer’s policy, including deductibles and coverages.”

“State Farm General’s latest rate filings raise serious questions about its financial condition,” Lara added, highlighting concerns over the nation’s leading insurance firm.

This marks State Farm’s third major rate hike in California within the past year. Last summer, the insurer ceased issuing new home insurance policies in the state, attributing the decision to wildfire risks and rising construction costs.

Last December, State Farm received approval for a 20% hike in homeowners’ and condo owners’ policies.

Related Posts

Summer at Annenberg:Swim Daily and Watch the Sunset

July 12, 2024

July 12, 2024

By Susan Payne A unique, inclusive community destination along the Pacific Coast Highway of Santa Monica is inviting you to...

(Video) Two Different Angles of a Firecracker Being Tossed Into a Garage in Brentwood

July 12, 2024

July 12, 2024

A series of incidents where teens threw firecrackers have been happening in Brentwood since April. In this case, the firework...

Ben Affleck and Jennifer Garner’s Daughter Advocates for Long Covid Awareness and Safety Measures

July 11, 2024

July 11, 2024

Brentwood Resident Speaks Out Opposing Mask Bans, Calling for Covid Protections in County Facilities Violet Affleck, daughter of actors Ben...

Jennifer Lopez and Ben Affleck Have Formally Listed Their $68 Million Beverly Hills Mansion For Sale

July 11, 2024

July 11, 2024

Amid Rumors, the Actors Have Placed Their Family Home on the Market Jennifer Lopez and Ben Affleck have officially put...

Kroger and Albertsons Reveal List of Stores to be Divested in $25 Billion Merger

July 11, 2024

July 11, 2024

Eleven Stores in West Los Angeles Among Locations to be Sold  The Kroger Company and Albertsons Companies Inc. have announced...

(Video) Renowned Soprano Singer to Make L.A. Homecoming at Broad Stage

July 11, 2024

July 11, 2024

Golda is scheduled to perform on July 13 at 8 p.m. @smmirrornews This Saprano singer is set to take the...

UCLA Student Housing Break-In Leads to Sexual Assault Charges

July 11, 2024

July 11, 2024

Suspect Faces Up to 25 Years to Life in Prison if Convicted Los Angeles County District Attorney George Gascón announced...

Dine LA Restaurant Week Returns to Celebrate Culinary Diversity With Amazing Deals

July 10, 2024

July 10, 2024

Special Menus at Hundreds of Local Restaurants from July 12 to July 26 Dine LA Restaurant Week will be returning...

Reward Offered for Information on Abused German Shepherd Found Near Malibu Creek Canyon

July 10, 2024

July 10, 2024

Groups Seek Justice for Argon, Dog Discovered with Zip-Tied Mouth and Neck In Defense of Animals and Peace 4 Animals...

Viral Tweet Spurs Screening of Michael Mann’s Miami Vice at the Lumiere Cinema in Beverly Hills

July 10, 2024

July 10, 2024

Independent Theater to Showcase 2006 Film on July 13 Following Online Debate By Dolores Quintana Following an unexpected turn of...

LAPD Detectives Nab Group Responsible for Over 30 Residential Burglaries

July 10, 2024

July 10, 2024

“Reflector Vest Crew” Burglary Suspects Arrested in Los Angeles In collaboration with the Los Angeles County Sheriff’s Department Major Crimes...

Santa Monica Artist Dave Quick’s “Return from the Burn” Exhibition to Open at Bergamot’s Lois Lambert Gallery

July 10, 2024

July 10, 2024

Pre-Burning Man Showcase Features Kinetic Art and Sculptures Coated with Playa Dust, Opens July 13 With upwards of 80,000 attendees,...

(Video) Newly Rebranded Santa Monica Hotel Shines a New Light on the Neighborhood

July 9, 2024

July 9, 2024

The Revitalized Business is Also Available For Events @smmirrornews The newly rebranded Santa Monica Hotel casts a new light on...

Award-Winning Soprano Makes Broad Stage Debut

July 9, 2024

July 9, 2024

Golda Zahra to Perform in LA July 13 By Susan Payne Renowned Soprano Golda Zahra is making her homecoming back...

Electric Lodge Hosts Summer Empowerment Fair

July 9, 2024

July 9, 2024

Performing Arts Center Partners with LADWP By Susan Payne Performance. Sustainability. Community. These are three virtues leading the charge for...