California's insurance commissioner met with State Farm executives Wednesday to discuss the emergency request for a rate hike.
The insurer’s financial straits were discussed during a meeting Feb. 26 in Oakland between the insurance giant and California Insurance Commission Ricardo Lara. “Those important conversations continue,
Ricardo Lara said he will look at information provided by State Farm before revisiting his previous decision to reject the company’s emergency rate hike.
State Farm — the state’s largest home insurance provider — asked the California Department of Insurance to approve statewide rate increases averaging 22% for homeowners. It also requested a 15% increase for renters and condo owners and a 33% hike for rental owners.
Commissioner Ricardo Lara had asked for the meeting in which he and Consumer Watchdog will sit down with State Farm reps in Oakland.
California’s insurance commissioner met with representatives for State Farm Wednesday in Oakland to talk about why the company has requested an emergency rate hike following the Los Angeles County wildfires.
Ricardo Lara said he will look at information provided by State Farm before revisiting his previous decision to reject the company’s emergency rate hike.
State Farm once again wants to raise its rates by about 22% for California homeowners, which would affect about one million people.
State Farm wants to raise its rates by about 22% for California homeowners, which would affect about one million people.
Ricardo Lara said he will look at information provided by State Farm before revisiting his previous decision to reject the company’s emergency rate hike.
California Insurance Commissioner Ricardo Lara, representatives from State Farm General and Consumer Watchdog, a consumer advocacy group, met in person on Wednesday to discuss the insurance company’s recent price hike request.
California’s Insurance Commissioner has not decided whether he will approve State Farm’s emergency interim request to increase insurance rates.