California Insurance Commissioner Ricardo Lara granted State Farm’s request Tuesday for large rate increases despite the company’s failure to deal honestly with many victims of recent wildfires.
State Farm dropped many policyholders in the months leading up to the devastating fires in Los Angeles, and has dragged its feet in helping those homeowners who retained their policies, often “lowballing” estimates of repairs.
The company only eased a demand that homeowners provide full, itemized lists of lost possessions after meeting with President Donald Trump’s envoy, Ric Grenell. (The company will now provide 65% of the policy’s value before itemization, rather than 50%.) Victims of both the Eaton Fire and the Palisades Fire demanded that Lara insist that State Farm reform its business practices before granting a
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