Listen: Insurance Expert Karl Susman
California's insurance commissioner has approved a judicial ruling that will allow State Farm to raise its rates. The state's largest insurer is the first insurance company in California to win approval to raise homeowner and other rates on an emergency interim basis. It comes after California Insurance Commissioner Ricardo Lara requested a judge make the final decision. State Farm expected more than 7-Billion dollars in claims after the Los Angeles County wildfires and made an unprecedented request for emergency rate hikes earlier this year. Starting June first, State Farm is allowed to raise rates an average of 17-percent for homeowners, 15-percent for renters and 38-percent for rental dwellings. Meanwhile, survivors of the LA wildfires are calling on the State Department of Insurance to investigate State Farm's handling of their claims.