Posted: Jan 28, 2013 2:17 PM by Blair Blanchard
Insurance Commissioner announces his decision regarding recent rate request. Commissioner Jim Donelon has denied the State Farm Homeowner Rate Increase, submitted by State Farm Fire and Casualty Company. In November of 2012, the request proposed a 16.6 percent rate increase. The request, which would have affected more than 300,000 policyholders, was reviewed by the Louisiana Department of Insurance. The request would have provided an estimated amount of nearly $71,297,954 in additional premiums to the company. The company's last rate request of a 7.8 percent increase was put in place on February 15, 2012.