State Farm Insurance has requested a 10.6 percent reduction in California homeowners' insurance rates, the state insurance department said Wednesday.
The reduction will amount to $123 million in savings for 1.2 million California homeowners and renters. The average policyholder would save $103 annually, according to the department.
State Farm Sacramento-based spokesman Bill Sirola confirmed the company is seeking the rate reduction. "The loss cost trends have been very favorable of late," he said.
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