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State Farm raising insurance rates 20% for California customers in new year
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State Farm customers across California are facing a 20% rate hike starting March 15, 2024 after California Department of Insurance officials greenlit the insurance giant's new rates.
The announcement comes months after State Farm General Insurance Company stopped accepting new California homeowners as customers because of "historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market," according to a company spokesperson.
The announcement comes months after State Farm General Insurance Company stopped accepting new California homeowners as customers because of "historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market," according to a company spokesperson.
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