NEW ORLEANS
State Farm Fire and Casualty Co., Louisiana’s largest residential insurer, is asking for an average 9.9 percent rate increase for homeowners coverage.
The filing with the Department of Insurance comes just over a month after Insurance Commissioner Jim Donelon rejected the company’s request for an average 19.1 percent rate hike. Donelon called that proposal unreasonable and unjustified.
State Farm received an average 8.3 percent increase last year in Louisiana after asking for 13.7 percent.
Although the average rate hike would be 9.9 percent, hurricane-vulnerable coastal areas would bear the brunt. The New Orleans region would see a 17.7 percent increase while rates in the Lake Charles region would go up 22.5 percent, said State Farm spokeswoman Brooke Cluse.
Read more: http://www.sunherald.com/2010/03/30/2064678/state-farm-wants-rate-increase.html#ixzz0jkwWkKko
