State Farm Cuts Homeowners Rates by 14.4% in Florida

May 21, 2019

State Farm has reduced its homeowners insurance rates by an average of 14.4 percent in Florida for current and future home insurance customers.

The new rates went into effect May 15, 2019 for new business and July 1, 2019 for renewals. The total state-wide expected savings impact for State Farm customers by this rate decrease in Florida will be approximately $95.9 million, according to the insurer.

“Stable non-catastrophe loss trends, improving expenses and losses, along with State Farm Florida Financial strength were important factors, among many, that supported our decision to make this rate change,” said Dan Krause, State Farm senior vice-president.

Overall changes in premiums for individual homeowners will vary depending on the specific details of an individual customer’s policy and chosen coverages, the company said. Customers with questions can contact their local State Farm agent to discuss their individual situation.

In addition to this rate reduction, State Farm agents can review with new and existing customers opportunities for additional discounts that may apply to an individual’s circumstances.

State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its nearly 19,000 agents and approximately 65,000 employees serve approximately 83 million policies and accounts – approximately 81 million auto, fire, life, health and commercial policies and approximately 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies.

Source: State Farm

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