rate reduction News

State Farm Issues $13.3M in Refunds to California Policyholders

California Insurance Commissioner Dave Jones announced today that State Farm has issued refunds totaling $13.3 million for overcharged premiums to 241,356 California consumers in compliance with his rate reduction order after the carrier lost two court battles. The refunds are …

California OKs Lower Rates for State Farm’s Boat, Home Inland Marine Policies

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 …

California Judge Denies State Farm’s Request to Delay Rate Reduction Order

Superior Court Judge Katherine Bacal has denied State Farm’s request for a temporary restraining order in an attempt to delay California Insurance Commissioner Dave Jones’ enforcement of his order directing the carrier to reduce homeowners and renters rates by 7 …

California Commissioner Orders State Farm to Reduce Homeowner Rates

California Insurance Commissioner Dave Jones on Tuesday issued a decision requiring State Farm Insurance Co. to reduce its dwelling insurance rates by an average of 7.0 percent, resulting is $78.6 million in annual savings for California policyholders. State Farm requested …

State Farm Agrees to Cut Rental Rates in California by 40%

California Insurance Commissioner Dave Jones on Wednesday announced he has obtained an agreement from State Farm General Insurance Co. to reduce their rental dwelling program policyholders’ rates statewide by an average of 40 percent. The reduction is to be effective …

California Administrative Law Judge Orders State Farm to Refund $85M

An administrative law judge at the California Department of Insurance found that State Farm overcharged customers $85 million and ordered the carrier to issue refunds and reduce rates. The judge determined that since July 15, 2015, State Farm’s premiums for …

Allstate Returns to California Homeowners Market With 12.6 Percent Reduction

Allstate Insurance returned to the California homeowners insurance market this week following a nine-year absence writing new policies. Insurance Commissioner Dave Jones welcomed Allstate, which entered into an agreement with the commissioner to reduce its homeowner insurance rates by an …

California Consumer Group Wants State Farm Homeowners Rate Reduction

State Farm has overcharged its customers roughly $78 million since at least July 2015, and should be required to refund that money, Consumer Watchdog told the California Department of Insurance last week. The group wants State Farm to cut its …

California Commissioner, Allstate Agree to Homeowner Rate Reduction

California Insurance Commissioner Dave Jones has reached an agreement with Allstate Insurance Co. and Allstate Indemnity Insurance to reduce the carrier’s homeowner insurance rates statewide by an average of 12.6 percent. The average annual decrease is roughly $230. The rate …

Illinois Workers’ Comp Insurance Rate Down 4.5 Percent

The rate used to calculate workers’ compensation insurance premiums has dropped again, a direct result of reforms Gov. Pat Quinn signed into law in 2011, his aides said. The National Council on Compensation Insurance, a rating agency, issued a rate …