WRE NEWS May 16, 2025
Buyer
California has approved a 17% increase for State Farm’s homeowners policies.
CBS News reports the rate increase is lower than the insurer’s request for a 21.8% hike. California Insurance Commissioner Ricardo Lara announced the rate hike after administrative Judge Karl Seligman issued a ruling on Monday that State Farm had evidence of “extraordinary financial distress” in the wake of the damages created by the Los Angeles County wildfires.
“State Farm must now justify its financial condition and detail its recovery plan in a full rate hearing before a neutral judge and my department’s experts,” said Lara.
The increases will take effect on June 1, following another hearing before a judge. Lara’s office stated the company agreed to “refrain from implementing new block non-renewal programs through the end of 2025.”
Lara defended the rate hike, insisting the approval came after considerable study.
“I am focused on ensuring that State Farm pays its claims to wildfire survivors fully and fairly — and nothing is off the table,” Lara said. “I am balancing all the facts. Protecting all State Farm customers and the integrity of our insurance market is an urgent matter. Let me be clear: We are in a statewide insurance crisis affecting millions of Californians. Taking this on requires tough decisions. This is not a game.”
Stay up to date on the latest real estate trends.
Seller
June 17, 2025
Selling your house without an agent as a “For Sale by Owner” (FSBO) may be something you’ve considered.
Buyer
June 17, 2025
Home inspections may seem like yet another barrier standing between you and your dream home, but skipping the step can have major consequences.
Buyer
June 16, 2025
Rising home prices and mortgage rates are putting dreams of homeownership out of reach for many.
Buyer
June 16, 2025
Have you been holding off on downsizing?
Seller
June 15, 2025
When your house doesn’t sell, it doesn’t just feel frustrating – it feels personal.
Buyer
June 15, 2025
Real estate investors accounted for 10.8% of home sellers in 2024, a record high level, according to a new data report from Realtor.com.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today