California Insurance Commissioner Ricardo Lara gave the green light to State Farm‘s emergency request to hike rates after the company suffered billions of dollars in losses due to the fires that devastated Los Angeles earlier this year.

Insurance Commissioner Ricardo Lara adopted an administrative law judge's recommendation Tuesday and granted State Farm General, the state's largest home insurer, a 17% emergency hike in its homeowners insurance rates.

The state of California approved State Farm's request for an emergency 17% increase in homeowners insurance rates as the company deals with financial challenges after the LA wildfires.