State Farm is seeking approval for an emergency rate hike on California homeowners, according to CNBC. The insurance company is seeking emergency approval to raise rates, citing the need to boost capital and avoid financial collapse after the devastating Los Angeles wildfires. January’s Los Angeles wildfires caused just under $300 billion in damages and economic slowdown, making them the costliest natural disaster on record. Insurers in California faced major losses before the fires in January due to a decade-long rise in the frequency and severity of natural disasters.
