California’s largest home insurer asked the state’s insurance department for a 22 percent emergency rate hike Feb. 3 after receiving thousands of claims following Los Angeles County’s catastrophic wildfires last month.
“State Farm helps people recover from the unexpected,” the company wrote in a press release Monday. “That is what we are doing in the wake of the wildfires.”
As of Saturday, the company had received more than 8,700 homeowners claims and paid more than $1 billion to customers after the Palisades and Eaton fires that started Jan. 7.
The fires killed at least 29 people and destroyed more than 16,000 homes and other buildings in what is expected to be the costliest fire in California’s history.
Damages and economic losses from the fires are expected to reach more than $250 billion, surpassing fire losses for the entire 2020 wildfire season in California, according to an AccuWeather estimate. […]
— Read More: www.zerohedge.com
