California Approves State Farm's 17% Homeowners Insurance Rate Hike Amid Rising Climate Risks
Key Takeaways State Farm's 17% emergency rate hike impacts over one million California homeowners, highlighting the increasing challenges of climate risks and natural disasters. The decision to approve this rate increase without public review has caused dissatisfaction among policyholders and heightened tensions in an already strained housing market. Insurers face considerable challenges, with a $7 billion claim expectation, as they navigate the uncertain landscape of climate-related calamities. Navigating Rising Insurance Costs in California State Farm's emergency 17% rate hike hits over a million California homeowners. The Golden State's fragile housing market battles climate risks agitated by relentless wildfires. In areas like Malibu, policyholders slam the sudden leap, demanding answers amidst unchanged coverage. Insurer stability teeters on edge, with a $7 billion claim expectation over natural calamities. This controversial approval bypasses public review, sparking a...