California’s largest home insurers ask to raise rates [Video]

SACRAMENTO, Calif. — Two of California’s biggest homeowners insurance companies — Allstate and State Farm — want to raise rates an average of at least 30%.

ABC10 has been reporting on California’s growing homeowners insurance crisis for years now, as policies become more expensive and harder to find. Seven of the state’s largest home insurers have limited or paused business in California in the past couple of years, citing the growing risk of wildfires, rising cost of construction costs and cumbersome regulations.

The company is asking the California Department of Insurance(CDI) permission — as it’s legally required to do — to raise the cost of homeowners insurance policies an average of 34.1%, CDI tells ABC10. That average represents a huge range across some 350,000 policyholders. Some customers could pay less by as much as 57%, if the plan is …