California Insurance Commissioner Ricardo Lara announced Friday he has "provisionally" approved State Farm's rate hike of 22% as the company reports dealing with financial struggles stemming from the Los Angeles wildfires.

California insurance regulators have “provisionally approved” State Farm’s request for a massive rate hike for homeowners following the devasting Los Angeles wildfires.

The approval comes months after devastating wildfires, and will add an average $600 a year to homeowners’ bills.