Just weeks after announcing an automobile insurance rate decrease, State Farm Insurance, the largest insurance provider in West Virginia, says it also will lower rates statewide for home insurance.
The average West Virginia policyholder will see a rate decrease of 7.2 percent starting July 1, State Farm spokeswoman Erin Bailey said. The savings will vary for each policyholder depending on the policy. That means some rates may actually go up, said Bailey, who encourages policyholders to contact their agents to inquire about applicable discounts.
In total, the company’s 100,000-plus West Virginia homeowners policyholders would save about $5 million a year.
State Farm stopped writing new homeowners’ insurance in West Virginia in July 2002 and halted new auto policies the following January. But the company resumed writing new West Virginia policies for both types of insurance in 2005 after the Legislature passed a series of legal and insurance reforms.
Earlier this month, State Farm announced it will be lowering its overall auto insurance rate level in West Virginia an average of 2.5 percent. That change goes into effect July 2.
The insurer covers about 25 percent of all the insured homes and automobiles in the state.
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