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Podcast: News For Reasonable People
Episode: California regulator to approve State Farm's 22% home insurance rate hike, but with a catch
Description: California's top insurance regulator on Friday said he would approve an emergency request by State Farm to raise premiums 22% on home insurance for about a million customers if the insurance giant could justify the hike at a public hearing.State Farm, the state's largest insurer with roughly 1 million home insurance policies in California, said the emergency rate would help the company rebuild its capital following the Los Angeles wildfires that destroyed more than 16,000 buildings, mostly homes. The company is trying to prevent a "dire" financial situation that executives said could push homeowners into the...