The San Francisco Chronicle reported (sorry I can't link to the article because it is behind a paywall) that the California Department of Insurance has approved the request from State Farm Insurance to increase home insurance rates by an average of 34.1 percent for its approximately 350,000 California customers. UGH. It is hard enough to get home insurance and California is already so expensive this news is another blow to home owners. They further reported the new rates could vary wildly, with at least one home owner seeing rates soar by nearly 650 percent. The increase first appear on bills at the first renewal date following November 7. This is the company’s fourth homeowner’s insurance rate increase in the past five years according to WRE News. It upped rates by an average of 4 percent in 2023 and by 6.9 percent in both 2021 and 2019. The new rate hike is the greatest since Homesite Insurance Co. received permission for a 38.2 percent increase in 2021. Can I say "UGH" again?
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