The insurance giant is asking regulators to raise rates for the second time in months.
Seen here, a property burns during the LNU Lightning Complex Fire in Pope Valley, Calif., Aug. 20, 2020 Yet again, State Farm is seeking to raise California homeowners’ insurance premiums — this time by an average of 30%.
Under the current proposal, nearly all impacted policyholders — including those across the Bay Area — would see their premiums go up between 25% and 35%. California homeowners pay an average of $1,453 a year for the most common type of coverage, according to Bankrate.com, a personal finance website. State Farm’s proposed rate increase would boost premiums by hundreds, if not thousands, of dollars, depending on the price of a homeowner’s current coverage.
“State Farm General is working toward its long-term sustainability in California,” the company said in a statement to news organizations. “Rate changes are driven by increased costs and risk.” In its latest rate filings, State Farm has asked the insurance department to grant a “variance” to raise premiums higher than usual due to the company’s uncertain financial outlook. State Farm would need to prove the increases are warranted.
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