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State Farm Insurance, the largest insurance company in California, is asking regulators for the OK to raise property insurance rates by 22 percent just weeks after fires ripped through Los Angeles ...
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The rate hike could work out to an average increase of 22% for California homeowners, State Farm General revealed Monday. "The costs of the January 2025 wildfires will further deplete capital from ...
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In early 2009, the State Farm Florida subsidiary, the state's largest insurer, offered to withdraw from writing property insurance business in Florida after state regulators refused to approve a 47% property rate increase. State Farm said that, in Florida, it had paid out US$1.21 in claims for every dollar in premiums since 2000.
State Farm General also has already received significant home insurance rate increases, including a 6.9% boost in January 2023 and a 20% jump that went into effect in March.
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 ...
The origin of the current rate schedules is the Internal Revenue Code of 1986 (IRC), [2] [3] which is separately published as Title 26 of the United States Code. [4] With that law, the U.S. Congress created four types of rate tables, all of which are based on a taxpayer's filing status (e.g., "married individuals filing joint returns," "heads of households").