May 20 - State Farm Seeks Additional Rate Hike, Could Push Increases to 30% by 2026

Just one week after receiving approval for a 17% rate hike on California homeowners, State Farm is now asking for even more. The company has submitted a request to push that increase to a total of 30% by 2026. Condo owners and renters, who are already facing 15% hikes starting in June, could see those rates rise to 36% and 52% respectively if the new request is granted. Consumer advocates continue to question why customers are being asked to pay more when State Farm’s parent company reportedly holds $140 billion in reserve.