17% increase, following 20% increase last year. LA fires will cost $250 billion (NYT). Many insurers refuse to serve California customers.
Just months after fires devastated parts of Los Angeles, one of the leading home insurers in California, State Farm, is temporarily raising rates 17 percent.
The sharp jump, after a 20 percent rate increase last year, is sure to strain family finances in what is already one of the nation’s most expensive states for home insurance…
Even before the fires struck Los Angeles, state officials were scrambling to stop insurers from abandoning the California market as wildfires grow more frequent and destructive.
The Los Angeles fires only made the risks to homeowners, and insurers, more apparent. The total economic toll of the fires, including property damage and longer-term economic losses, is expected to top $250 billion, according to AccuWeather, making it one of the most expensive disasters of all time.
Under the January 2025 disaster
