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California

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quaint

(3,947 posts)
Sat Feb 8, 2025, 08:20 AM Feb 2025

State Farm shouldn't ask Californians to pay more [View all]

KTLA
As State Farm seeks to raise rates in the aftermath of the destructive wildfires in Southern California, one consumer advocacy group is asking state officials to step in.

Consumer Watchdog sent a pair of letters to Insurance Commissioner Ricardo Lara objecting to State Farm’s pushing for “an immediate 22% rate increase for homeowners, along with a 15% increase for renters and condo owners and a 38% increase for rental dwellings,” the organization said in a news release.

State Farm seeks to charge customers more not because “it cannot pay wildfire claims, but because it wants to protect its Wall Street credit rating,” the release added.
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