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.

State Farm can start increasing its homeowner rates in California by 17 percent from June 1 following approval from the state's insurance commissioner.

Following a judge's ruling Monday, State Farm customers in California are one step away from paying more on their homeowners insurance to alleviate what the company described as a "dire" financial situation in the wake of the Los Angeles-area wildfires.