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.
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