State Farm Files Request for California Rate Increase
Reflecting the general upward trends in the cost of property and liability insurance claims, State Farm General Insurance Co. has filed a request for an average statewide 6.9 percent rate increase with the California Department of Insurance. The rate filing covers policies for homeowners, renters and condos.
The rate request is based on multi-year trends in the basic cost of claims the company has paid through 2007, it said.
State Farm General, the California property insurance affiliate of State Farm Mutual Automobile Insurance Co., has not increased rates in the state since 2003. The most recent rate changes were rate reductions: 6.2 percent in September of 2005 and 20 percent in April of 2007, the company said.
Source: State Farm General Insurance Co.
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