Mississippi Insurance Commissioner Mike Chaney said he was not happy about granting a 19.5 percent homeowners rate increase to State Farm, but he had little choice.
“Would you want me to have 26,000 policies canceled on the Gulf Coast with nobody to write coverage for those 26,000 people?” Chaney asked.
He announced on Nov. 30 that he had approved the rate increase for State Farm Fire and Casualty Co. on homeowners insurance in Jackson, Harrison and Hancock counties.
In a statement, Chaney said the rate increase balanced the need for “affordable rates and sustainable premiums in face of rising costs to companies.”
State Farm had requested a 45 percent rate increase.