Citing the "dire" financial situation they're facing after the Los Angeles wildfires, State Farm General has asked California officials for an emergency interim rate increase. The rate hike could work out to an average increase of 22% for California homeowners,

The company is seeking rate increases of up to 22% for non-tenant homeowners, 15% for renters and condominium owners, and up to 38% for rental dwellings. Non-tenant homeowners are investors who don’t live in the property they own.

State Farm, the largest insurance company in California, has asked state regulators to immediately approve a steep rate hike for homeowners to prevent a “dire situation” for its customers and the broader insurance market in the wake of the disastrous Los Angeles wildfires.