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.

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

If State Farm is successful at proving its need for rate hikes at next month’s hearing, its interim rates will climb on June 1 an average 22% for homeowners, 15% for renters and condos, and 38% for rental dwellings.