The largest insurer in the state is requesting a rate increase that would affect every one of its customers, and likely drive up the price of coverage for everyone else.

State Farm, the largest home insurer in California, is asking for an emergency rate hike from state regulators as it warns that multibillion-dollar payouts from the Los Angeles wildfires threaten its balance sheet and the broader insurance market.

State Farm is asking California's insurance regulator to approve an emergency rate hike due to the number of claims it received after last month's devastating wildfires.