California Insurance Commissioner Ricardo Lara on Friday “provisionally” approved a 22% emergency increase for State Farm homeowners

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

On Friday, Insurance Commissioner Ricardo Lara signaled his willingness to allow State Farm to raise homeowner rates by an average of 22%. He also granted the state’s largest insurer initial approval to increase premiums by 15% for renters and condo owners and 33% for rental owners.