California insurance deal saves consumers an estimated $530 million

California insurance regulators have officially approved a settlement with State Farm General after the insurer requested premium increases of up to 52 per cent. The deal is expected to save homeowners and renters across the state about $530 million (£395 million), reports the Consumer Watchdog.The final order, signed by California Insurance Commissioner Ricardo Lara, settles ongoing homeowner and renter insurance rate cases. It adopts an agreement reached between State Farm, state regulators, and consumer advocacy group Consumer Watchdog, which took part in the proceedings as an official intervenor.Besides limiting the proposed rate increases, the settlement also requires refunds with 10 per cent annual interest for certain policyholders who paid higher temporary rates in recent months."This settlement is now final and locks in approximately $530 million in consumer savings, including substantially lower increases than State Farm requested and refunds with 10% interest for certain policyholders," said Consumer Watchdog Litigation Director William…