California Insurance Commissioner Dave Jones has approved rate reductions for two State Farm inland marine policies that he said will bring millions of dollars in premium savings for tens of thousands of boat owners and homeowners with jewelry and higher value collections.
Rate analysts with the California Department of Insurance reviewed State Farm’s rate filings and determined that the rates should be lowered.
The decision will result in an estimated total premium savings of $18 million annually to California consumers, according to Jones.
The department’s rate analysts reviewed the State Farm rate filings and found that the company’s requested rate decreases needed to be further reduced. The company lowered their rates on those insurance products where the department found the data supported a reduction, according to the CDI.
The first rate reduction is for State Farm’s standalone boat owner’s policies that can cover liability, medical payments and physical damage for a variety of watercraft including sailboats, outboard, inboard and inboard/outboard boats. The second is State Farm’s standalone Jewelry and Personal Articles program used to insure higher values and variety of items including scheduled jewelry, silverware, fine arts, sports equipment, memorabilia and collectibles like stamps and coins, which offers more deductible options than are offered with their standard homeowner policies.
Topics California
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