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Some State Farm customers could see refunds while California homeowner rate hikes stay put
The settlement limits homeowner rate hikes to 17%, cuts increases for condo and rental policies, and could save policyholders about $530 million, officials said.
- A proposed settlement announced late last week keeps homeowners' rate hikes at the previously approved interim rate of 17%, not the 30% State Farm sought.
- State Farm, the largest insurer in California, reported that the Los Angeles County fires last year and expected payouts contributed to emergency rate increases approved last May.
- Condo owners will see hikes cut from 15% to 5.8% with refunds from June 1, 2025, rental unit owners’ increases drop to 32.8%, and renter policyholders face 15.65%.
- An administrative law judge must approve the agreement, the insurance department expects a decision by April 7, and Insurance Commissioner Ricardo Lara will then review it; Consumer Watchdog says the deal saves policyholders $530,000,000.
- The insurance department is investigating State Farm's fire claims with results expected this spring; the deal requires a one-time 2.5% discount and grants Consumer Watchdog timelier financial access.
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13 Articles
Associated Press NewsReposted by 
Santa Maria Times
Santa Maria TimesSome State Farm customers could see refunds while California homeowner rate hikes stay put
The Los Angeles County fires last year drove up insurance costs for many Californians. Now, a proposed settlement means some State Farm policyholders whose premiums rose won’t see additional increases, and others should even get refunds.
·United States
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Cal Matters+8 Reposted by 8 other sources
Some State Farm customers could see refunds while homeowner rate hikes stay put
In summary State Farm reaches settlement over emergency insurance rate hikes after last year’s Los Angeles County fires. The Los Angeles County fires last year drove up insurance costs for many Californians. Now, a proposed settlement means some State Farm policyholders whose premiums rose won’t see additional increases, and others should even get refunds. State Farm, the largest insurer in the state with about 20% market share, received approva…
·Sacramento, United States
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Coverage Details
Total News Sources13
Leaning Left2Leaning Right0Center1Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 33%
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