Business Journal: State Farm Seeks Rate Rollbacks
State Farm Insurance wants to significantly reduce its rates for both homeowner and vehicle coverage.
Wednesday, January 3, 2007
State Farm Insurance has asked California regulators to approval its largest ever rate cut in the state. Homeowners would pay 20% less. Auto insurance would cost 10% less. In total, it would leave nearly a half billion dollars in the pockets of their 3 million policyholders for autos, and almost one and a half million homeowners using State Farm. Reductions wouldn’t be flat across the board. longtime customers, and those with both cars and homes insured by State Farm, would get the best breaks. If approved, the changes would happen a few months from now.