The state of California approved State Farm's request for an emergency 17% increase in homeowners insurance rates as the company deals with financial challenges after the LA wildfires.

State Farm has argued the emergency rate hikes are necessary to help the company avoid a “dire” financial crisis that could force them to drop more California policies.

The State Farm unit then appealed to Lara for an emergency 22% hike and threatened to leave the state. After quick hearings, an insurance department judge found that 72% of the er