May 14 - State Farm’s 17% Rate Hike Approved Despite Ongoing Wildfire Claims

California has approved State Farm’s emergency request to raise homeowner insurance premiums by 17%, impacting nearly 1 million policyholders statewide. The insurer says this increase is necessary to recover financially following the January wildfires. The new rates, set to take effect in June, were approved alongside a $400 million cash infusion from State Farm’s parent company and a temporary pause on non-renewals.