Bloomington’s State Farm Insurance is seeking a 22% average rate increase for homeowners’ insurance in California due to significant financial losses from recent wildfires, which have led to over $1 billion in claims. The company has reported spending $1.26 for every $1 collected in premiums over the past nine years, resulting in over $5 billion in underwriting losses. State Farm, California's largest insurance provider, requires approval from the California Department of Insurance for the rate hikes.
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