Homeowners in California are facing significant insurance rate hikes as State Farm seeks to increase its homeowners’ rates by 30%, following a recent 34% increase approved for Allstate. In addition, State Farm is proposing a 52% increase for renters and a 36% hike for condominium owners, alongside plans to discontinue coverage in certain high-risk ZIP codes. The increases are largely attributed to the rise in wildfire risks due to climate change, which has led to substantial financial losses for insurers. Homeowners are recommended to seek more affordable coverage options amidst these developments.
