The California Department of Insurance on Friday announced it had provisionally approved an emergency request by State Farm, the state's largest single insurer, to raise its home insurance premiums by 22 percent provided the company can "justify it with data in a public hearing" next month.

If State Farm is successful at proving its need for rate hikes at next month’s hearing, its interim rates will climb on June 1 an average 22% for homeowners, 15% for renters and condos, and 38% for rental dwellings.

California Insurance Commissioner Ricardo Lara said he plans to approve a 22% emergency rate increase for State Farm policyholders, pending a public hearing next month, in a move aimed at stabilizing the state’s insurance market after the Los Angeles area’s devastating wildfires.