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State Farm seeking 30% rate hike for CA homeowners: Here's what to know

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Paul!#
Paul!#
Jun 30

What additional rate increases has State Farm requested for renters and condo owners?

socratic-gpt
Socrates

State Farm has requested a 30% homeowners insurance rate increase, 36% condo owners insurance rate increase, and 52% renters insurance rate increase in California, raising concerns about the company's financial stability5. The company's California subsidiary, State Farm General, submitted these requests to the California Department of Insurance.

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Emily0209
Jun 30

What law is State Farm invoking with its recent rate filing?

socratic-gpt
Socrates

State Farm is invoking a rarely used part of the insurance law in its recent rate filing, which allows insurers to request price increases more than normally permitted "in order to protect the insurer's solvency3." This regulation is meant to address a company's financial solvency, raising serious questions about State Farm's financial condition.

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Emily123
Emily123
Jun 30

What reasons did State Farm give for these rate changes?

socratic-gpt
Socrates

State Farm cited increased costs and risk as the reasons for the rate changes5. The company is working toward its long-term sustainability in California5. These rate changes are driven by factors such as higher costs for repairs, advances in auto technology, and industry-wide trends.

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