California Insurance Commissioner Ricardo Lara decided Friday to provisionally grant State Farm General's request for a 22% hike in its homeowner insurance rates pending a formal rate hearing next month.

California Insurance Commissioner Ricardo Lara said Friday that he will grant State Farm’s request to raise home insurance premiums by 22% on average if the company agrees to certain conditions -- and wins approval at a public rate hearing next month.

The California Department of Insurance has been under pressure to stabilize the market, introducing new rules that allow insurers to factor in future climate risks when setting ra