The Alabama Department of Insurance approved rate reductions and reduced rate increases for 2005, which will save half a million Alabamians more than $28 million on insurance premiums, according to Gov. Bob Riley.
The savings will affect more than 600,000 Alabama policyholders of several companies. State Farm policyholders will reportedly save about $21 million. State Farm petitioned to reduce rates on various lines of insurance effective Jan. 1.
During 2004, the Alabama Department of Insurance has either reduced rates or rate increases adding up to a savings of nearly $8 million on homeowners and mobile home owners’ insurance, as well as workers’ compensation insurance for businesses.
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