Insurer aggressively grew in Los Angeles, despite getting overweight on fire risk, but decided to cut thousands of policies last year, adding to the state’s home-insurance crisis.

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.

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 General revealed Monday.