State insurance regulators approved an average 8% rate hike for Citizens residential customers, down from the 14% hike requested by the company. The rate changes were announced in a final order

State Farm Insurance, the largest insurance company in California, is asking regulators for the OK to raise property insurance rates by 22 percent just weeks after fires ripped through Los Angeles leaving thousands homeless. The insurance group has already paid over $1 billion dollars to customers since the beginning of the month, State Farm said.