Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
California homeowners will be seeing an insurance rate hike of more than 20 percent from State Farm following the devastating wildfires that devasted the southern part of the state last month.
Why It Matters
As the Golden State faces increasing numbers of environmental disasters, many insurance companies have raised rates on homeowners who have higher home damage risks as a result of wildfires.
Among a series of wildfires that broke out in January, the Palisades fire consumed 23,448 acres and resulted in 12 fatalities. The destruction included 6,837 structures destroyed and 1,017 damaged. The concurrent Eaton fire burned through 14,021 acres, claiming 17 lives and destroying 9,418 structures, with an additional 1,070 homes and businesses damaged.
According to the California Department of Forestry and Fire Protection (Cal Fire), both fires are now 100 percent fully contained.
An aerial view of homes destroyed in the Palisades Fire with the Pacific Ocean in the distance on January 27 in Pacific Palisades, California. An aerial view of homes destroyed in the Palisades Fire with the Pacific Ocean in the distance on January 27 in Pacific Palisades, California. Mario Tama/Getty Images
What To Know
State Farm General, California’s largest home insurer, in a Monday letter sent to the California Department of Insurance Commissioner Ricardo Lara, asked state insurance regulators to allow it to enact an immediate rate increase in order to avoid a
California Homeowners Hit With Sudden 22 Percent Insurance Rate Increase
