State Farm again is seeking huge increases in home insurance rates in California

State Farm is seeking significant rate increases for residential insurance in California, which could burden homeowners and renters in the troubled insurance market. This is the third major change for State Farm in California within the last year. The insurer stopped selling insurance for new homes in the state last summer due to wildfire risks and construction costs. State Farm is requesting rate increases ranging from 30% to 52% for different types of policies. The company claims the rate increases are necessary to deliver on their promises to customers. California’s Department of Insurance needs to approve these changes, and they raise concerns about State Farm’s financial condition and the residential property insurance market.