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Calif. Insurance Chief Rejects State Farm's Request for 22% Hike in Home Insurance Rates.
California Insurance Commissioner Ricardo Lara rejected State Farm's request for a 22% rate hike for homeowner insurance policies, citing insufficient justification.
Lara asked State Farm to meet on Feb. 26 to provide more information, including explanations for its financial situation and the impact of recent wildfires.
Consumer Watchdog supports Lara's stance, advocating for a public hearing.
State Farm, however, expressed disappointment and is considering its options in the state.
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El jefe de seguros de California rechaza la solicitud de State Farm de un aumento del 22% en las tasas de seguro de hogar.