State Farm Seeks Major California Rate Increases

State Farm is pursuing additional property insurance rate hikes in California for homeowners, renters, and condo owners, after already securing approval for a 17% increase. If granted, the total rate hikes could reach 30% for homeowners, 36% for condos, and 52% for renters by 2026. The insurer cites major wildfire claims and financial pressures as justification, but consumer advocates argue customers should not pay for what they call State Farm's financial mismanagement. The California Department of Insurance will hold a public hearing in October to review the proposed increases, emphasizing that all hikes must be justified. Local realtors and wildfire survivors worry these rising premiums could worsen housing affordability and delay market recovery. State Farm insures over a million homes in California, affecting about 15% of the market.