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 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.”

Citing the "dire" financial situation they're facing after the Los Angeles wildfires, State Farm General has asked California officials for an emergency interim rate increase. The rate hike could work out to an average increase of 22% for California homeowners,