State Farm Seeks 38% Rate Hike for California Renters Insurance

State Farm has requested a 38% rate increase for its California Rental Dwelling Program, affecting over 260,000 renters insurance customers. The insurer plans to non-renew more than 600 policies in high-risk fire areas, citing significant losses from natural disasters. Average post-increase rates will vary, with the lowest at $91 in Modoc County and the highest at $3,509 in Malibu. State Farm is also seeking rate increases for homeowners and condo insurance, as the California Department of Insurance reviews the proposals.