💨 Abstract

California's insurance regulator approved a 17% premium increase for State Farm's 1 million home insurance customers, aiming to stabilize the company's finances post-Los Angeles wildfires. State Farm initially requested a 22% increase but adjusted it down during hearings. The decision includes additional hikes for rental owners and tenants, with State Farm receiving a $400 million cash infusion in exchange for halting nonrenewals.

Courtesy: wtop.com