California Insurance Commissioner Ricardo Lara said Friday that he will grant State Farm’s request to raise home insurance premiums by 22% on average if the company agrees to certain conditions -- and wins approval at a public rate hearing next month.

California's top insurance regulator says he will approve an emergency request from State Farm to raise home insurance rates for roughly a million customers if the company can justify the hike at a public hearing.

The California Department of Insurance has been under pressure to stabilize the market, introducing new rules that allow insurers to factor in future climate risks when setting ra