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The insurer asked the California Department of Insurance to raise rates by an average of 22 percent “to help avert a dire situation” as the company pays thousands of claims related to the fires.
Climate change has shaken up the U.S. real estate market, with buyers no longer simply seeking better quality of life or affordable housing — but also considering climate risks before purchases.
Homeowners in California with an insurance policy from State Farm could see a 22% rate hike. The insurer sent a letter to the California Department of Insurance on Monday that described its “dire” financial situation due to the wildfires in Los Angeles County and a request for an “emergency” insurance rate hike. In addition to…