State Farm is asking for yet another rate hike after securing a 17% rate increase just last week.
The rate increase granted last week is set to take effect in June, and now homeowners are raising eyebrows as the insurance giant on Monday filed for yet another rate hike.
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WATCH HEREState Farm initially filed for a 30% increase in June 2024. But after the Los Angeles wildfires, the company has argued the losses from those devastating blazes depleted its cash reserves.
State Farm now is requesting the remainder of that initial 30%.
A hearing expected in the fall will allow State Farm to argue for justifying the full 30% rate hike it asked for last year. If the request is granted, the extra increase could go into effect next year.
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