Requests for the State Farm increase the 22rd percent of the emergency rate rise after the fires of the

State farm On Monday, California State officials approved an emergency interim Increased rateWith an average of 22 percent for the owners of the Golden State.

Rental housing policies would also increase, 38 percent, while tenants could increase 15 percent. All changes would be effective on May 1 if approved, Report of various points of sale.

The requested rates ascends occur after destructive and Fatal fires ruined in the Los Angeles AreaDecimation dozens of thousands of hectares in southern California.

Farm State has received more than 8,700 claims and has obtained about a billion dollars, the insurance company said in a letter to the California Insurance Commissioner, Ricardo Lara, obtained by the Los Angeles Times.

It is planned to pay “significantly” more as claims continue to run. An increase in potential types would allow the insurance company to reconstruct its capital base.

“We know that we will finally pay significantly more, as these fires will be collectively the most expensive in the history of the company,” the letter said.

The California Insurance Commission, in a statement, said that it will be “urgently” responding to the application, the last application for rise in rates posed “serious questions about its financial situation”.

In June 2024, State Farm requested rates for owners’ policies (30 percent) of the Condominis owners (36 percent) and the tenants (52 percent), according to The Times.

The insurance company decided to do Cut a new coverage in Californiaquoting inflation, the increasing frequency of Natural disasters and challenges in the reassurance market in May 2023.

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