State Farm asks California to approve rate hikes after wildfires

The owners of the California’s house that are already destroyed Fire fires last monthIt could see that their insurance interest rates increase more than 20% if they are included in the state farm.

California’s largest private insurerState Economy is looking for a 22% average exchange rate for the owners of the house. In a letter calling for California Insurance (CDI), the state farm said that he would help “prevent the difficult situation.”

Air scene of houses in Ethadena, Abdadena, is located in Althadena, is located in Altadya, Beladena, located in Althadena, Beladena, located in Althadena, Beladena, is located in Etadena, Abtadena, Beladen. (Mario Tama / Getty Images / Getty Images)

California insurance crisis. The country has fled or downgraded the list of carriers

The insurer wants to increase the rates by 22%, not for tenants’ homeowners, 15% and condo owners for 38% lease. In his open letter to the CDI, a state farm states that the growing pace will come into force on May 1, 2025.

“As of February 1, the state agricultural business (only fire) has received more than 8,700 demands and has already paid more than $ 1 billion to customers,” he wrote on his website. “State agricultural business will eventually pay significantly more, as these fires will be the daily disasters in the history of the state farm.”

Homes are burned as a powerful wind at Eaton Fire Drive Drive 7, January 7, in the Pasadena city of California. (David McNew / Getty Images / Getty Images)

Do storms and fires insurance prices lead to worldwide?

The insurer added that it should increase current rates to ensure that possible future requirements can pay. In addition, the State Farm announced that the pace for Californians would rise, as the “risk is bigger” in gold.

“We expect to work together with a stable insurance environment in California, which balances the risk and growing pace, provides long-term market stability and insurers.” The company said.

The state lands in the 2024 announcement of 2024 were collided with the height of the state fires Stop covering 72,000 from house to house and housing in summer. In March 2024, the insurer sent a letter to the CDI, saying that the destruction of the capital of the state farm was “signal signal to the grave of transformation.”

On Tuesday, January 7, 2025, firefighting plane fired at Pacific Palisades. (Brian Van der Brug / Los Angeles Times Via Getty Images / Getty Images)

On a state farm, other insurers who undermined the coverage

Before the insurers can and get approval of greater increasing. The state economy provides 20% increase in household and car premiums, and last summer increases in the regulator.

The fires of January 2025 only needed the ongoing insurance crisis in California, as several providers had already fled from the state, stopped writing a new policy or reduced their risks in gold. This includes allstate, popular and farmers.

Get Fox Business Go by clicking here

On Tuesday, fired, fired fires, burned more than 57,600 acres and destroyed more than 16,200 structures.