California Insurance Commissioner Ricardo Lara said Friday that he will grant State Farm’s request to raise home insurance premiums by 22% on average if the company agrees to certain conditions -- and wins approval at a public rate hearing next month.

California Insurance Commissioner Ricardo Lara announced Friday he has "provisionally" approved State Farm's rate hike of 22% as the company reports dealing with financial struggles stemming from the Los Angeles wildfires.

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.