Article

2025-05-15 Economy

Fury as State Farm gets green light ~~to do the unthinkable~~ on home insurance in California

Not unthinkable. Utterly necessary, in fact, given California’s regulations — what the parenting types call natural consequences, always so annoying to the recipient.

[Daily Mail, where America gets its news] State Farm General, California’s largest home insurer, has been granted approval to raise its home insurance rates across the state — triggering fierce backlash from consumer advocates.

A judge and Insurance Commissioner Ricardo Lara approved the hike, which will see average home insurance premiums rise by 17 percent.

Condo owners and renters will also see average increases of 15 percent, while rental property owners will be hit hardest with a staggering 38 percent jump.

'It is unthinkable that State Farm would do this after so many families in the area were affected by wildfires,' said Los Angeles native Andrea Smith, referencing the blazes that ravaged parts of the city in January.

The rate hike follows a year-long standoff between the insurer and the state, which regulates premium increases.

Last year, State Farm threatened to withdraw from California entirely unless it was allowed to raise prices. Originally, the company proposed even steeper hikes.

The newly approved increases — the second in just two years — will begin hitting policyholders as early as next month.

State Farm says the move is necessary to avoid financial collapse, pointing to billions in payouts tied to recent wildfires.

Posted by Skidmark 2025-05-15 04:07|| || Front Page|| [134 views ] Top

#1 $306 for me.

Posted by crazyhorse 2025-05-15 11:34|| 2025-05-15 11:34|| Front Page Top

#2 I'm worried that these rate increases will be applied across the board instead of focused on the high risk, fire prone areas where development never should have happened. I'll take it in the seat of my pants even though my house is in a safe place because Newsom and other state officials have done nothing in the way of responsible forest management or fire prevention. Thanks, Newsom.

Posted by Abu Uluque 2025-05-15 12:31|| 2025-05-15 12:31|| Front Page Top

#3 "... market forces"

It's not inflation.

Posted by Skidmark 2025-05-15 12:53|| 2025-05-15 12:53|| Front Page Top

#4 Like a good neighbor.

Posted by Super Hose 2025-05-15 16:36|| 2025-05-15 16:36|| Front Page Top

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