[StBernard] State Farm homeowners face 19% rate hike

[Westley Annis]

*	Advocate business staff 
*	Published: Jan 7, 2010 - UPDATED: 1:50 p.m. 

 

*	 Louisiana homeowners covered by State Farm Fire and Casualty Co.
could see their premiums jump a statewide average of 19.1 percent this year
if the Louisiana Department of Insurance approves the company's rate
request.
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*	 <http://www.2theadvocate.com/news/80929832.html#> 

"This rate change need is based on our projections of future losses and
expenses. The statewide average increase is 19.1 percent, but the homeowners
average increase for the Baton Rouge area, including Livingston and
Ascension parishes, is 6.6 percent," State Farm spokeswoman Molly
Quirk-Kirby said. "Individual policyholder impacts will vary depending on
deductibles, policy limits and other factors."

State Farm is Louisiana's largest homeowners insurance company, with 295,783
policyholders, according to Insurance Department records. The rate increase
would generate $67.6 million, or an average of around $229 per policyholder.

Insurance rates vary statewide, but in general, rates are higher in coastal
areas.