Citing the "dire" financial situation they're facing after the Los Angeles wildfires, State Farm General has asked California officials for an emergency interim rate increase. The rate hike could work out to an average increase of 22% for California homeowners,

State Farm is asking California's insurance regulator to approve an emergency rate hike due to the number of claims it received after last month's devastating wildfires.

State Farm wrote in a letter on Monday that the recent fires in Los Angeles threaten its finances and are “the costliest in the history of the company.”