AP
California Wildfires Insurance
FILE - A firefighter battles the Palisades Fire as it burns a structure in the Pacific Palisades neighborhood of Los Angeles, Jan. 7, 2025.
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State Farm can soon start raising premiums by 17% for its California home insurance customers. State Insurance Commissioner Ricardo Lara approved the rate hike Tuesday. The insurance giant says it will help rebuild its capital after the Los Angeles wildfires. The new rates also include a 38% hike for rental owners and 15% for tenants to start in June. State Farm will get a $400 million cash infusion from its parent company and agree to halt nonrenewals through the end of 2025.
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