California greenlights State Farm Home insurance rate increase
State Farm General, California's largest home insurer, has been granted approval to raise its home insurance rates across the state — triggering fierce backlash from consumer advocates. A judge and Insurance Commissioner Ricardo Lara (pictured) approved the hike, which will see average home insurance premiums rise by 17 percent.
Condo owners and renters will also see average increases of 15 percent, while rental property owners will be hit hardest with a staggering 38 percent jump. 'It is unthinkable that State Farm would do this after so many families in the area were affected by wildfires,' said Los Angeles native Andrea Smith, referencing the blazes that ravaged parts of the city in January. The rate hike follows a year-long standoff between the insurer and the state, which regulates premium increases.
Experts had warned that price hikes were inevitable as insurers faced massive payouts for wildfires that severely damaged the Pacific Palisades neighborhood and thousands of other homes across Los Angeles County. State Farm says the latest round of price increases is necessary to stop the company going bust, especially in the wake of the devastating Los Angeles fires which damaged its bottom line further. State Farm has so far received nearly 12,700 claims from wildfire victims, and has paid customers more than $3.5 billion, the San Francisco Chronicle reported.
Although regulators have approved the price rise, a public hearing has also been instigated at which State Farm will have to prove its finances are in a state that justifies the enormous price rise for consumers. As part of the agreement State Farm will also not drop the additional customers it had threatened to cut until at least the end of the year. This includes keeping all its customers in Los Angeles County for at least a year.
The ruling has faced fierce pushback from consumer advocacy groups including Consumer Watchdog. 'Today's decision that would make consumers pay now but allow State Farm to wait months before having to show its math is a great disappointment for consumers,' the group's executive director said in a statement. 'Voter-approved Proposition 103 says a rate hike shouldn't come before the rate justification, but that's what happened here.' Other insurance companies, including Allstate and Farmers Direct, have also limited cover or stopped doing business entirely in the Golden State. This led to California introducing new regulations aimed at easing the state's home insurance crisis - days before the deadly fires broke out.
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