State Farm Faces $7.6 Billion Wildfire Payouts Amid Rate Hike Push State Farm, California's top home insurer, estimates $7.6 billion in wildfire claims but expects reinsurance to reduce losses to $612 million. It has already paid $1.75 billion for 9,500 claims. The company is seeking a 22% interim rate hike to stabilize finances, citing mounting wildfire-related costs.12