State Farm Insurance Companies received recent rate increases in Florida, but Louisiana insurance regulators said “no dice” to the company’s request to raise premiums for apartment and church insurance policies, and for rental dwelling coverage, at least for now.
A spokesperson for the Louisiana Department of Insurance said the Louisiana Insurance Rating Commission deferred the rate hikes, which will be considered a later meeting date yet to be determined.
According to the New Orleans Times-Picayune, company subsidiaries State Farm Fire and Casualty Co. and State Farm General Insurance Co. originally wanted a 48.5 percent rate hike for rental dwellings of one or two units and then lowered the amount to 34 percent. Initially the company sought a 44.8 percent increase for its insurance coverage on apartment complexes, condominium associations, small businesses and churches, which was subsequently lowered to 28.3 percent .
Louisiana regulators did approve a 12 percent increase in auto rates for USAA, which had originally sought an increase of 14.1 percent. The commission also approved USAA’s request for a 19 percent rate increase for its homeowners policies in Louisiana.
Topics Louisiana
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