The largest insurer in the state is requesting a rate increase that would affect every one of its customers, and likely drive up the price of coverage for everyone else.

State Farm General requested a 22% emergency rate hike in California on Monday, Feb. 3 to cover losses from the Los Angeles County wildfires and stop its “financial deterioration,” the company wrote in a letter filed with the state’s insurance commission.

State Farm is asking California's insurance regulator to approve an emergency rate hike due to the number of claims it received after last month's devastating wildfires.

State Farm wrote in a letter on Monday that the recent fires in Los Angeles threaten its finances and are “the costliest in the history of the company.”

State Farm General asked Monday for an emergency rate increase averaging 22%, saying the Los Angeles County fires have put California's largest insurer in dire financial straits.

State Farm on Monday requested California state officials approve an emergency interim rate increase, averaging 22 percent for homeowners in the Golden State. Rental dwelling policies would also face an increase, 38 percent, while tenants would see a 15 percent hike. All changes would be effective May 1 if approved, multiple outlets report.

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.

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