"State Farm to Hike Home Insurance Rates by 20% in California"
The California Department of Insurance has approved State Farm's request to increase insurance rates for policy renewals starting March 15. This hike is expected to average 20% across the state, with higher rates for those in wildfire-prone areas. The increase comes as major insurers like State Farm, All State, and Farmers have limited or ceased writing new policies in California due to rising costs and wildfire risks. The state insurance commissioner suggests the FAIR Plan as a temporary coverage option for new homeowners struggling to find affordable insurance.