California Insurance Commissioner Ricardo Lara has denied State Farm’s request for emergency rate increases on home insurance policies, creating a potential confrontation with the state’s largest insurer. This decision goes against his own staff’s recommendations and comes at a crucial time for California’s insurance market.
State Farm had sought to implement average rate increases of 22% for homeowners, citing $1 billion in claims already paid from recent Los Angeles County fires. The company, which maintains nearly 3…
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