A proposed settlement would keep some State Farm property insurance rates from rising again in California, and would give refunds to some customers. On Friday, the state Insurance Department disclosed the deal with State Farm and Consumer Watchdog. Consumer Watchdog says it saves policyholders $530 million. The deal keeps homeowners at a 17% hike instead of 30%. Condo and rental unit owners also see smaller increases and some get refunds with interest. Renter policy owners would see a slight increase. State Farm also agrees not to cancel new policies this year. An administrative law judge still must approve the settlement.
