CNN —
State Farm General, California’s largest insurance provider, has requested an emergency interim rate hike averaging 22% for homeowners from state officials on Monday, citing a “dire” financial situation after destructive Los Angeles wildfires last month.
In a letter to California’s Commissioner of Insurance, Ricardo Lara, State Farm said it has already received more than 8,700 claims and paid over $1 billion to customers in the wake of the wildfires.
“We know we will ultimately pay out significantly more, as these fires will collectively be the costliest in the history of the company,”
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