An average of a 12.6 percent insurance rate reductions is in store for California homeowners insured with State Farm General Insurance Co., according to an announcement from California Insurance Commissioner Dave Jones on Thursday.
The reduction will result in an average annual savings of $100 for homeowners statewide.
“As a major homeowner insurer in California, State Farm is demonstrating that insurers can serve customers well and operate profitably at the same time,” Jones said in a statement. “As the economy continues to recover, this rate reduction will no doubt alleviate some of the financial burden many homeowners are experiencing.”
According to State Farm, 85 percent of policyholder premiums statewide will either decrease or remain the same under the new rates. The rate reduction is effective for policy renewals beginning April 15.
“This rate filing helps us deliver on our commitment to offer our customers a remarkable combination of excellent products and exceptional service at a competitive price,” Tom Conley, State Farm General Insurance Co.’s president and CEO, said in a statement.
Topics California Pricing Trends Homeowners
Was this article valuable?
Here are more articles you may enjoy.
Natural-Disaster Insurance Gap Now Exceeds $420 Billion Globally 
South Carolina Jury Finds Store Owner Not Guilty of Murder in Shooting of Teen 
USI Insurance Services Claims Ex-Broker Poached Clients for Own New Agency 
Helicopter Crash in Georgia Kills Groom, Pilot, Hours After Huge Wedding Celebration 
