STATE FARM RATE INCREASES IN LA.

State Farm recently won a 12.2 percent average rate increase for homeowners policies in Louisiana that goes into effect June 15. At that time around 263,000 Louisiana homeowners will face an average increase of $100. According to the New Orleans Times Picayune, State Farm estimates it will receive an extra $27.3 million in several lines of residential insurance, including policies for homeowners, farmers and ranchers and apartment renters as a result of the increase. Also approved were State Farm’s average rate increases of: 20 percent, or $1.8 million, for the 17,000 homeowners who live in manufactured homes; 7.2 percent, or $1.7 million, in homeowners insurance for condominium owners and apartment and condo renters; and 14.9 percent, or a $500,000 increase, for farm and ranch owners. While State Farm currently has a moratorium on writing new homeowners policies in Louisiana, it does write policies for existing customers in the state, customers who move to Louisiana from elsewhere and for current insureds who build new homes or remodel existing ones.

Topics Trends Louisiana Pricing Trends Homeowners