State Farm to hike rates 19 percent on Coast

Beginning in mid-February, State Farm Fire & Casualty Co. will raise homeowner insurance rates 19.5 percent in the three Coast counties.

Insurance Commissioner Mike Chaney approved the rate increase, rejecting State Farm’s request for a 45 percent rate hike along the Coast. New rates will apply only for current policyholders because State Farm is writing no new business in the three Coast counties.

Chaney said Monday that Allstate is requesting a 65 percent rate hike statewide. The Mississippi Insurance Department has asked for additional information from Allstate in reviewing the rate proposal. Chaney’s office did the same with State Farm before agreeing to the lower increase.

Sun Herald
Dec. 1, 2009