February 17, 2025 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

(Video) Enjoy Beach Proximity and Prime Amenities at Ocean View Hotel

February 17, 2025

February 17, 2025

For More Info, Go To Oceanviewsantamonica.com For More Info, Go To https://t.co/1RJBAOG3rO pic.twitter.com/1KlN8OZQeO — Palisades News (@PalisadesNewsLA) February 17, 2025

Transgender Man Found Dead in New York Field After Torture; Five Arrested for Murder

February 16, 2025

February 16, 2025

Brutal Murder of Transgender Man in Upstate New York Sickens Officials After the Trump administration has continued to target transgender...

Iconic Gloria Vanderbilt Estate Hits the Market for the First Time in 72 Years

February 16, 2025

February 16, 2025

Historic Beverly Hills Mansion With Star-Studded Past Listed at $16.5 Million For the first time in 72 years, the historic...

Get Your Collector’s Edition of Anora Screenplay This Week

February 16, 2025

February 16, 2025

Exclusive Giveaway at Top Indie Bookstores in Los Angeles Neon is celebrating the success of Anora by partnering with independent...

State Farm Faces Scrutiny Over Emergency Rate Hike Request From State Official

February 16, 2025

February 16, 2025

Commissioner Lara Demands Answers on Financial Stability and Consumer Impact California Insurance Commissioner Ricardo Lara has responded to State Farm’s...

Anger Rises Over The Erasure of Transgender and Queer People From National Park Website

February 13, 2025

February 13, 2025

Trump Administration Tries to Deny LGBTQ+ History  GLAAD and The Stonewall Inn Gives Back Initiative have condemned the Trump administration’s...

UCLA Suspends Pro-Palestinian Student Groups Following Protest at UC Regent’s Home

February 13, 2025

February 13, 2025

Chancellor Cites Potential Student Code Violations; Student Groups Reject Allegations UCLA has suspended two pro-Palestinian student organizations following a protest...

Flash Flood Warning Issued for Burn Areas, LAFD Officer Swept off Road by Debris

February 13, 2025

February 13, 2025

Storm Damage Closes Pacific Coast Highway, Officials Urge Caution Not even members of the LAFD are being spared from the...

Here are Your Last Minute Ideas if You Still Haven’t Planned Your Valentine’s Day Date

February 13, 2025

February 13, 2025

Luscious Cookies, Delightful Drinks, Full Dinners at Home or In House, We’ve Got Them Okay, maybe you have been a...

Beloved Baldwin Hills Family-Owned Restaurant Post & Beam to Close After 13 Years

February 12, 2025

February 12, 2025

Community Icon Shuts Doors as Baldwin Hills Crenshaw Plaza Redevelopment  In yet another loss for the Los Angeles culinary community,...

Santa Monica Hotel Event Space Offers Affordability, Accessibility

February 12, 2025

February 12, 2025

Elevate Your Events with Versatile Venues and Exceptional Service Coastal stays and eclectic event spaces don’t have to be expensive....

Flour Pizzeria & Cafe to Bring Brooklyn-Style Pizza to Brentwood This Week

February 12, 2025

February 12, 2025

Family-Owned Favorite from the Palisades to Open on San Vicente  Flour Pizzeria & Cafe, a restaurant from Pacific Palisades run...

LA Attorney Who Represented Rodney King Sentenced to Prison for Tax Evasion Scheme

February 12, 2025

February 12, 2025

Milton C. Grimes Ordered To Serve Time in Prison and Pay Restitution Milton C. Grimes, a longtime Los Angeles attorney,...

ART& 2025: NeueHouse Unveils Inspiring Lineup Celebrating Feminine Leadership

February 11, 2025

February 11, 2025

Four-Day Event in Venice Beach Explores Creativity, Activism, and Cultural Impact NeueHouse has unveiled the schedule for ART& 2025, a...

Free Sandbags Available for West Hollywood Residents Ahead of Heavy Rain

February 11, 2025

February 11, 2025

City Distributes Sandbags to Help Protect Homes and Businesses from Flooding West Hollywood residents and businesses can receive free sandbags...