California Insurance Commissioner Ricardo Lara rejected State Farm’s “emergency” premium increase of 22% on average for California homeowners.

In a rebuke to the state’s largest insurance company, California Insurance Commissioner Ricardo Lara announced Friday he will not grant State Farm General’s request for an emergency rate hike in the wake of the Los Angeles wildfires.

State Farm pointed out that over the last nine years, the lack of alignment between price and risk means that for every $1 collected in premium, State Farm General paid

Commissioner Ricardo Lara scheduled a meeting with State Farm to hear their justification for the rate increase.

Insurance Commissioner Ricardo Lara on Friday rejected State Farm General's request for an emergency 22% home insurance rate hike due to the Los Angeles fires unless the insurer can provide more evidence it is warranted.

State Farm responded by saying that it “must seriously consider its options within the California insurance market going forward.”

The company requested immediate approval of interim rate increases effective May 1, amounting to 22% for homeowners, 15% for renters, and 38% for rental dwellings.

California Insurance Commissioner Ricardo Lara on Friday rejected State Farm’s request for “emergency” rate increases that would have averaged 22% for homeowners.

State Insurance Commish Ricardo Lara has turned down a request by State Farm General to raise home insurance rates by an average 22%.

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