Source: International Business Times
State Farm General Insurance Company has finalized a settlement agreement with the California Department of Insurance and consumer advocacy group Consumer Watchdog, allowing the insurer to retain an average 17% increase in homeowners insurance rates implemented last year following devastating Los Angeles wildfires. The deal, filed with an administrative law judge on March 6 and reported widely March 7-9, resolves a contentious rate review proceeding while providing concessions including no mass non-renewals of homeowner policies through 2026 and potential refunds or credits for some policyholders. A State Farm Insurance office occupies a classic railroad depot in Hiawassee, Georgia The agreement stems from State Farm's emergency rate request in 2025 after massive payouts from the January 2025 Los Angeles County fires — the costliest disaster in the company's history.
