State Farm argued the rate hikes are justified due to the high risks the company has underwritten, particularly after premiums were kept artificially low.

State Farm wrote in a letter on Monday that the recent fires in Los Angeles threaten its finances and are “the costliest in the history of the company.”

State Farm on Monday requested California state officials approve an emergency interim rate increase, averaging 22 percent for homeowners in the Golden State. Rental dwelling policies would also face an increase, 38 percent, while tenants would see a 15 percent hike. All changes would be effective May 1 if approved, multiple outlets report.