State Farm Fire and Casualty Co. has filed an average 9.9 percent rate increase request for homeowners coverage in Louisiana, according to the Associated Press.
State Farm is Louisiana’s largest home insurer with just over 300,000 policyholders.
In February, Insurance Commissioner Jim Donelon rejected the company’s request for an average 19.1 percent rate hike. Donelon said that increase would be unreasonable.
State Farm received an average 8.3 percent increase last year in Louisiana after asking for 13.7 percent.
The company has also filed twice in the past year for homeowners rate increases in Texas. State Farm reportedly has filed suit against the Texas Department of Insurance for its intention to post those rate filings on its Web site.
The company has been embroiled for years in disputes over its homeowners rates in Texas. In November 2009, TDI ordered State Farm Lloyd’s (SFL) to refund a total of $310 million to policyholders after finding that the insurer had overcharged customers beginning in 2003.
State Farm subsequently appealed the order, which halted repayments until the courts resolve the case.
Topics Trends Texas Louisiana Pricing Trends Homeowners
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