The rate hike could work out to an average increase of 22% for California homeowners, State Farm General revealed Monday.
"The costs of the January 2025 wildfires will further deplete capital from State Farm General. Capital is necessary so an insurance company can pay for any future claims for the risks it insures," State Farm General said in an open letter to the California Department of Insurance.
A State Farm insurance company sign sits amid the rubble of a building destroyed by the Palisades Fire on Sunset Boulevard in the Pacific Palisades neighborhood of Los Angeles on January 16, 2025. FREDERIC J. BROWN/AFP via Getty ImagesState Farm General also had a blunt warning to Californians about the future of insurance in the state.
California's Department of Insurance stated that State Farm's rate filings are raising "serious questions" about the company's financial situation, but no action has been taken yet.
No timeline has been given as to when the rate application will be approved or denied.
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