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State Farm insurance office. Photo: Diego M. Radzinschi/ALMConsumer Watchdog wants the California Department of Insurance to reject State Farm’s emergency rate hike request ine wake of the LA County fires, saying the appeal is not because the company can’t pay the wildfire claims, but because it wants to protect its Wall Street credit rating.
State Farm is seeking an immediate 22% rate increase for homeowners, along with a 38% increase for rental dwellings and a 15% increase for renters and condo owners.
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