Mississippi Insurance Chief Criticizes State Farm’s 45% Coastal Rate Hike

State Farm is looking to raise coastal homeowners insurance rates in Mississippi an average 45 percent but the state regulator isn’t very receptive to the idea.

“I am not going to approve the present filing,” Insurance Commissioner Mike Chaney stated flatly, claiming the filing is riddled with “serious issues.”

A spokesman for State Farm said his company believes it has “worked well with Commissioner Chaney in the past” to resolve rate issues and it will in the future.

Chaney, who has convinced some 40 new carriers to do business in the state over the past year and a half, told Insurance Journal that he doesn’t like State Farm’s unwillingness to write new coastal business, its storm deductible or its failure to offer mitigation credits.

Insurance Journal
8/25/9