State Farm Raises California Insurance Rates
The State Farm affiliate providing homeowners insurance in California has announced an average statewide rate increase of 6.9% for its policyholders.
Woodland Hills-based State Farm General Insurance Co.’s new rates have been approved by the California Department of Insurance and will take effect Feb. 9 for new customers. Existing State Farm customers in California will face these increases when their policy comes up for renewal.
Homeowners’ rates are based on projected costs and reflect trends in the number of California homeowner claims and the cost to pay those claims and rate changes for individual customers will vary depending on such factors as claim experience, location of the home and policy coverages, according to State Farm.
State Farm increased rates for California homeowners by 3.9% in 1999, then cut rates 0.2% overall in April 2001.
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