The Farmers Insurance Group® of Companies announced it has received approval for a rate reduction from the California Department of Insurance on homeowners business in the state of California.
Beginning with renewals effective Feb. 16, 2004, many of Farmers’ customers in California will see a rate decrease. While the actual rate change will vary depending on the location and other characteristics of the home, some customers will see a rate decrease of up to 15 percent.
In addition to the rate decrease, Farmers will also be introducing a new Home/Life Discount and two new deductible options for its homeowners business. Customers who have both a life policy and a homeowners policy issued by Farmers will receive a five percent discount on their homeowners policy.
“We are committed to providing the best insurance value to our customers in a very difficult market. This discount is in addition to the many discounts available already,” said Ron Coble, Farmers’ California vice president and state executive director. Further, customers will now be able to select a $750 or $5,000 deductible to suit their own individual needs. “It’s all about individual choice, and that is what we want to provide our customers,” added Coble.
The Farmers Insurance Group® of Companies insure over 1.1 million homes in California and constitute the state’s second-largest home insurer group.
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