State Farm wins first-ever emergency rate hike in California

State Farm can raise homeowner and other rates starting next month, becoming the first insurance company to win approval to do so on an emergency interim basis in California. The state’s largest insurer made the unprecedented request for emergency rate hikes earlier this year, after it said it was in financial distress and expected more than $7 billion in claims because of the Los Angeles County fires in January. The state Insurance Department s…