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, which destroyed over 16,000 buildings. 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.