State Farm Authorized to Raise Insurance Rates in California

State Farm has been authorized to raise insurance rates for homeowners, renters, and landlords in California due to financial pressures stemming from wildfire damages. The increase, which ranges from 15% to 38% depending on the policy type, is part of an interim agreement while a public hearing will assess the necessity of the rate hike. California Insurance Commissioner Ricardo Lara has stressed the importance of ensuring consumer protection and transparency during this process, particularly given State Farm's recent history of halting new home policies and non-renewing existing ones. The hearing, scheduled for April 8, will investigate State Farm's financial stability and seek to create a more competitive insurance market for Californians.