California Insurance Commissioner Ricardo Lara decided Friday to provisionally grant State Farm General's request for a 22% hike in its homeowner insurance rates pending a formal rate hearing next month.

California Insurance Commissioner Ricardo Lara announced Friday he has "provisionally" approved State Farm's rate hike of 22% as the company reports dealing with financial struggles stemming from the Los Angeles wildfires.

California Insurance Commissioner Ricardo Lara has provisionally accepted State Farm's request for a rate hike averaging 22% due to the company’s “dire” financial situation after the deadly and destructive L.