State Farm Seeks Significant Insurance Rate Increases

State Farm is seeking significant rate increases for homeowners, renters, and condo policies in California, with hikes as high as 52%, citing increased costs and risks due to wildfires and catastrophic events. The company's California subsidiary is aiming for its steepest-ever rate hike to shore up financial losses, affecting over 1.2 million homeowners. This move follows State Farm's previous actions of halting new home insurance applications and cutting policies due to inflation and regulatory costs. Regulators like California's Insurance Commissioner are scrutinizing the rate hike requests, emphasizing the potential impact on millions of consumers and the state's residential property insurance market.