Still trying to get those Katrina losses taken care of even though many of them lingered for 3 years. I understand they didn’t have re-insurance on the property losses on Katrina so they took a bath on the loss. State Farm will not win many friends in Louisiana if they get what they want in rate.
Actually it was 20% in Texas effective 11/1/12. They were denied in LA because they, literally, already have the highest rate. That’s why LA Citizens had to increase rates – because by law they have to charge 10% more than the highest company in the private market – which in EBR and several other Parishes, was State Farm.
Still trying to get those Katrina losses taken care of even though many of them lingered for 3 years. I understand they didn’t have re-insurance on the property losses on Katrina so they took a bath on the loss. State Farm will not win many friends in Louisiana if they get what they want in rate.
Then why did my state farm homeowners insurance just shoot up 300.00 a year?
It is called taking rate. I don’t know where you are from Rick. In Texas, State Farm has filed a 15% rate hike and others are doing the same thing.
Actually it was 20% in Texas effective 11/1/12. They were denied in LA because they, literally, already have the highest rate. That’s why LA Citizens had to increase rates – because by law they have to charge 10% more than the highest company in the private market – which in EBR and several other Parishes, was State Farm.