State Farm homeowners insurance not required to cut rates, says judge

State Farm homeowners insurance - State Farm Office

The California Department of Insurance has been fighting a legal battle with the insurer over premiums. The California insurance commissioner was wrong in saying that State farm homeowners insurance rates had to lower. A judge ruled that the insurer was not required to charge its home and renter policyholders less. The decision stepped around a current unresolved question regarding Proposition 103 and its reach. Proposition 103’s author was among those who criticized the decision regarding State Farm homeowners insurance rates. California Insurance Commissioner Dave Jones accused State Farm of profiting…

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State Farm homeowners insurance customers may soon receive a refund

State Farm homeowners insurance

The same may be said for many renters insurance policyholders in California. State Farm homeowners insurance and renters insurance customers in California may soon be receiving refund payments. The insurer is sending the checks to customers as a result of a decision made by the state Department of Insurance. The California Department of Insurance told State Farm it needed to repay policyholders due to excessive rates. The department deemed the rates charged to State Farm homeowners insurance and renters insurance customers to be excessive. As a result, about 250,000 policyholders…

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Homeowners insurance in Dallas more expensive at State Farm than competition

Texas Homeowners Insurance

A recent analysis has revealed that the insurer is charging more for coverage of homes in the area than its rivals. According to the results of an analysis that was just conducted and that involved data regarding the premiums of 32 different homeowners insurance companies in the Dallas areas, State farm – the largest property insurer in Texas – is continuing to charge the highest rates, by a long shot. In fact, the latest figures are showing that the next most expensive are nowhere near as high. The study took…

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Homeowners insurance rates at State Farm to decrease in California

Homeowners insurance New Jersey

It is estimated that the average premiums will drop by 12.6 percent across the state, starting April 15. The largest homeowners insurance company in California has just announced that it will be reducing its rates across the state by an average of 12.6 percent for over one million customers, as of halfway through April. The average customer should expect to see an annual reduction in premiums of about $100 in 2013. The actual drop that will be seen in the rates paid by consumers will vary from one area to…

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Homeowners insurance and guns were a top topic for State Farm CEO

homeowners insurance gun ownership

The ownership of these weapons and their impact on coverage was addressed by Mr. Rust. The topic of gun violence and weapon ownership has become a massive nationwide topic of debate, recently, but the CEO of one of the largest auto and homeowners insurance companies in the United States has now announced that he feels that the subject of safety in the home should enter into these discussions. Among all of the controversy that has been aimed at guns of late, home safety has been relatively untouched. CEO and chairman…

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Homeowners insurance could rise by 15 percent for Florida policyholders with State Farm

Florida Homeowners Insurance

Third largest home insurer in the state has requested a statewide rate hike to fund intended changes. The third largest homeowners insurance company in Florida, State Farm, has submitted a request to increase its rates by 15 percent in order to pay for changes it hopes to make on the deductibles and discounts to its policies. Some of these alterations include bringing back or increasing various types of discounts. According to the company, these changes will require an average statewide increase in homeowners insurance policy rates by 14 percent, with…

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Higher insurance and reinsurance prices may be linked to new RMS catastrophe model

State Farm customers in northeastern Louisiana may soon be paying more for their homeowners insurance as the company looks to state regulators for approval of a rate increase of 19.5%. The insurer claims that higher rates are the result of recent fires, tornados and other natural disasters occurring in the state. Insurance Commissioner Jim Donelon says that he has never before experienced such a steep increase in insurance rates, especially in the northern part of the states that are not often subject to such rate increases. The rate at which…

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