California homeowners are facing a 22% increase in insurance premiums if State Farm, the state’s largest single insurer with roughly 1 million home insurance policies in California, can “justify it with data in a public hearing” next month, California’s top insurance regulator said Friday, reports the Los Angeles Times.
“State Farm claims it is committed to its California customers and aims to restore financial stability. I expect both State Farm and its parent company to meet their responsibilities and not shift the burden entirely onto their customers,” California Insurance Commissioner Ricardo Lara said in a statement.
“The facts will be revealed in an open, transparent hearing.”
Read more at Newsmax© 2025 Newsmax. All rights reserved.