April 10 - Judge Weighs State Farm Rate Hike Amid Financial Concerns

State Farm is one step closer to raising California insurance premiums after the public hearing concluded this week. The increases, scaled back slightly from State Farm’s original request, aim to offset over $7 billion in wildfire claims. While Insurance Commissioner Ricardo Lara has conditionally approved the hikes, a final decision from the administrative law judge is expected in the next couple of weeks. If later found excessive, policyholders may be eligible for refunds with interest.