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

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 Los Angeles wildfires.

Insurers are seeking to charge California homeowners across the state for the costs of the catastrophic Los Angeles County fires they were burdened with when the state's insurer of last resort needed a bailout.