State Farm Easing Miss. Homeowner’s Growth Restrictions as Part of Commitment to Magnolia State

Mississippi’s largest insurer, State Farm, is easing its homeowner’s growth restrictions in the state. According to Commissioner of Insurance George Dale, this announcement demonstrates the company’s commitment to the State of Mississippi.

State Farm’s decision to ease growth restrictions does not take into account the effects of Hurricane Ivan. The announcement said that State Farm’s decision is due to improved loss trends and underwriting results, putting it in a position to provide more homeowners coverage to more Mississippi consumers.

With this announcement, more than 200 State Farm agents in Mississippi will be allowed to write more homeowners business throughout the state. As a result of the company’s decision, consumers will have a wider array of options to choose from when shopping for homeowners insurance in the state.

In 2002, State Farm halted writing homeowners insurance in Mississippi due to poor underwriting results. After working closely with the Department of Insurance to improve conditions in Mississippi’s homeowners insurance marketplace, the company began writing homeowners insurance in the state on a limited basis earlier this year.

This most recent step taken by State Farm to further ease homeowner’s growth restrictions is another indication the homeowners insurance marketplace continues to move in the
right direction. The Mississippi Legislature’s passage of comprehensive tort reform this year is another positive step toward addressing the challenges of Mississippi’s insurance marketplace.

Topics Mississippi Homeowners