California Insurance Commissioner Ricardo Lara said Friday that he will grant State Farm’s request to raise home insurance premiums by 22% on average if the company agrees to certain conditions -- and wins approval at a public rate hearing next month.

California Insurance Commissioner Ricardo Lara has provisionally accepted State Farm General’s request for an emergency 22% rate hike. State Farm, the state’s largest home insurer, made this request due to the company’s “dire” financial situation after the deadly and destructive Los Angeles County wildfires.

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.