Louisiana’s largest insurer of homes has received state approval to boost rates by an average 7.8 percent.
State Farm Fire and Casualty Co. says the $32.2 million rate hike goes into effect with new policies on Feb. 15 and renewal policies on April 1.
The rates will rise depending upon where homeowners live. Although most coastal areas are in for increases, the largest jump will total 19.5 percent in northeastern Louisiana parishes around Monroe. Rapides Parish, including Alexandria, is in for a 13.9 percent hike.
State Farm has about 301,000 policyholders in Louisiana. The company received a 9.9 percent average increase last year and an 8.3 percent increase in 2009 after requesting 13.7 percent.