State Farm insurance office. Photo: Diego M. Radzinschi/ALM
State Farm says its latest rate hike for rental dwellings, home and condo owners in California isn’t enough.
On May 14, the state’s Insurance Commissioner Ricardo Lara approved a 17% rate increase stemming from a three-day hearing in April. The company will also receive an immediate $400 million cash infusion from its parent company to address its serious financial condition.
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Joe Toppe
Joe Toppe serves as managing editor of PropertyCasualty360.com. Joe is also a father of three, an author, and longtime lover of baseball.
