State Farm Demands Major Rate Hikes in California Amid Escalating Insurance Crisis

The insurer warns it may exit the market if regulators do not approve significant increases for homeowners, renters, and condo owners.

State Farm seeks up to a 52% increase in insurance rates for some California customers.
The company has already stopped accepting new home insurance applications in the state.
California's Insurance Commissioner raises concerns about the financial impact on consumers.
The review process for the proposed rate hikes could take several months.
Other insurers have also limited coverage or exited the California market due to rising costs and climate risks.