State Farm Raising Louisiana Homeowner Insurance Rates
State Farm is raising homeowner rates an average of 8.7 percent statewide for its nearly 308,000 policyholders.
According to State Farm’s filing with the Insurance Department, the statewide increase will generate $40.1 million.
The Advocate reports the higher rates are already in effect for new customers. Existing customers who are renewing their policies will see the increases starting Nov. 1.
Rates also will increase for condo owners and renters. The increases vary statewide. In general, customers in coastal areas, where the risk of hurricane damage is greater, see higher rates.
State Farm is the state’s largest insurer with 30 percent of the homeowners market.
Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Popular Today
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- California Sees Two More Property Insurers Withdraw From Market
- 4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
- Beyond the Claim: How Social Canvassing is Transforming Insurance Fraud Detection
Popular This Month
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road
- Mother of 8-Year-Old ‘Violently Sucked’ into Houston Hotel Pool Files Wrongful Death Suit
- CoreLogic Report Probes Evolving Severe Convective Storm Risk Landscape
- Property Restoration Industry: A Culture in Need of Repair?