California regulators have given State Farm General initial approval for a major home insurance rate hike later this year — but first, they want the insurer to pledge not to drop any more customers en masse.

California agrees to State Farm’s request to raise home insurance premiums by 22% on average if the company agrees to certain conditions

California Insurance Commissioner Ricardo Lara decided Friday to provisionally grant State Farm General's request for a 22% hike in its homeowner insurance rates pending a formal rate hearing next month.

California's top insurance regulator says he will approve an emergency request from State Farm to raise home insurance rates for roughly a million customers if the company can justify the hike at a public hearing.

State Farm made its request following years of losses and huge damage claims it has received following the Jan. 7 fires.

California insurance regulators have “provisionally approved” State Farm’s request for a massive rate hike for homeowners following the devasting Los Angeles wildfires. On Friday, Insurance Commissioner Ricardo Lara announced he will allow State Farm to raise homeowners’ rates by an average of 22%.