SACRAMENTO, Calif. — 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.
California Department of Insurance Commissioner Ricardo Lara told ABC10 he is committed to using every tool at the department’s disposal to make sure policyholders don’t pay more than they are required.
“The purpose of the Department is to approve rates so long as they are not excessive, inadequate or unfairly discriminatory,” he said. “Yes, the most recent rate change application from State Farm was approved.”
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.