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 DOI said.
The rate request is based on multi-year trends in the basic cost of claims the company has paid through 2007, State Farm said.
State Farm General, the California property insurance affiliate of State Farm Mutual Automobile Insurance Co., said it has not increased rates in the state since 2003. The most recent homeowners, renters and condo rate changes were rate reductions: 6.2 percent in September of 2005 and 20 percent in April of 2007, the company said.
Topics Trends California Pricing Trends State Farm
Was this article valuable?
Here are more articles you may enjoy.
Nine-Month 2025 Results Show P/C Underwriting Gain Skyrocketed 
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
Pipeline Explodes at Delfin LNG Planned Project in Louisiana 
Allstate CEO Wilson Takes on Affordability Issue During Earnings Call From This Issue
