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.

State Farm says the steep hike on homeowners is necessary to shore up its cash reserves in the event of another catastrophe. The insurer has said it expects to pay out about $7.6 billion in claims related to the Los Angeles wildfires, although reinsurance will lower its losses to about $612 million.

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

California insurance regulators have “provisionally approved” State Farm’s request for a massive rate hike for homeowners following the devasting Los Angeles wildfires.

California's top insurance regulator says he will approve an emergency request from State Farm to raise home insurance rates for roughly a million customers if the company can justify the hike at a public hearing.

The video appears to have been recorded sometime after the Southern California wildfires, and references the Palisades Fire in particular.

California's insurance chief gives green light to major rate hike for State Farm homeowners, but with some concessions attached.

California’s insurance commissioner said his approval was conditioned on State Farm justifying its need for the increase by bringing data to a public hearing on April 8.