California Insurance Commissioner Ricardo Lara said Friday that he will grant State Farm’s request to raise home insurance premiums by 22% on average if the company agrees to certain conditions -- and wins approval at a public rate hearing next month.

California Insurance Commissioner Ricardo Lara announced Friday he has "provisionally" approved State Farm's rate hike of 22% as the company reports dealing with financial struggles stemming from the Los Angeles wildfires.

California Insurance Commissioner Ricardo Lara “provisionally” approved State Farm General’s request for an emergency 22% increase in its homeowners insurance rate Friday — but only if the company can justify it with data in a public hearing scheduled for next month.

The California Department of Insurance has been under pressure to stabilize the market, introducing new rules that allow insurers to factor in future climate risks when setting ra

California Insurance Commissioner Ricardo Lara said he plans to approve a 22% emergency rate increase for State Farm policyholders, pending a public hearing next month, in a move aimed at stabilizing the state’s insurance market after the Los Angeles area’s devastating wildfires.

California's top insurance regulator says he will approve an emergency request from State Farm to raise home insurance rates for roughly a million customers if the company can justify the hike at a public hearing.

Calif. Insurance Commissioner Ricardo Lara also called on State Farm to halt non-renewals of homeowner coverage policies.

California Insurance Commissioner Ricardo Lara on Friday “provisionally” approved a 22% emergency increase for State Farm homeowners

California Insurance Commissioner Ricardo Lara has provisionally accepted State Farm General’s request for an emergency 22% rate hike. State Farm, the state’s largest home insurer, made this request due to the company’s “dire” financial situation after the deadly and destructive Los Angeles County wildfires.