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A State Farm insurance company sign sits amid the rubble of a building destroyed by the Palisades Fire on Sunset Boulevard in the Pacific Palisades neighborhood of Los Angeles on January 16, 2025.
Citing what it calls a potentially “dire situation,” State Farm on Monday asked California for permission to hike insurance rates by an average of 22%. In the wake of the Los Angeles-area ...
According to the industry's Insurance Information Institute, California’s insurers paid out $1.08 in claims and claims-related expenses for every dollar collected in premiums between 2013 and 2022.
From January 7 to 31, 2025, a series of 14 destructive wildfires affected the Los Angeles metropolitan area and San Diego County in California, United States. [5] The fires were exacerbated by drought conditions, low humidity, a buildup of vegetation from the previous winter, and hurricane-force Santa Ana winds, which in some places reached 100 miles per hour (160 km/h; 45 m/s).
A State Farm Insurance sign on a destroyed building during the Eaton Fire in Altadena, California, US, on Wednesday, Jan. 8, 2025. (Michael Nigro—Bloomberg)
This all came to a head in 2023 when the state's two largest home insurers, State Farm and Farmers, said they'd stop issuing new policies in California. (State Farm also canceled some 1,600 ...
The insurance regulator will investigate these rate-increase applications, a spokesperson told Reuters in an email. State Farm insures 250,000 homes and 880,000 automobiles in Los Angeles County ...
In a survey of national claims handled by the state's leading home insurance companies, affiliates of Los Angeles-based Farmers Insurance topped the list, denying about 50% of claims for payment.