April 8 - State Farm Faces Public Hearing Over Emergency Rate Hike Request

State Farm began a rare and urgent public hearing today to justify its request for emergency property insurance rate increases in California—22% for homeowners, 15% for renters and condos, and 38% for rental dwellings. The company claims its finances are under severe pressure following the Los Angeles County wildfires, with over $7 billion expected in claims. This is the first-ever hearing for such an emergency request, and it follows consumer backlash and demands for more financial transparency. 

The hearing is taking place before an administrative law judge in Oakland and could last up to three days. If approved, the rate hikes will take effect June 1 and impact nearly 3 million State Farm policyholders in the state.