State Farm came under fire for seeking a 22 percent rate hike, with a 38 percent increase for renters, after the California wildfires.
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StateFarmhascomeunderheavycriticismforseekinga22percentratehike,witha38percentincreaseforrenters,inthewakeofthedevastatingCaliforniawildfires.
“It’snotfairforStateFarmtopaditsbankaccountonthebacksofhomeownerswhomayhavejustlosteverything,”LosAngelesadvocacygroupConsumerWatchdogtoldNewsweekMonday.
NewsweekreachedouttoStateFarmviaemailforcommentonMonday.
WhyItMattersStructuresdamagedbythePalisadesFireinPacificPalisades,neighborhoodofLosAngeles,onJanuary31,2025.(RingoChiuviaAP)
StructuresdamagedbythePalisadesFireinPacificPalisades,neighborhoodofLosAngeles,onJanuary31,2025.(RingoChiuviaAP)
RingoChiu/AP
StateFarmsaidtheSouthernCaliforniafiresthatragedacrossLosAngelesCounty,killingdozensanddestroyingthousandsofhomesandbusinesses,haveputtheinsurancegiantunderfinancialstrain.
Inapressrelease,theinsurersaidithadreceivedaround8,700claimsandpaidoutmorethan$1billi
