California Insurance Commissioner Dave Jones issued an order Monday requiring State Farm General Insurance Co. to reduce its dwelling insurance rates by an average of 7 percent, resulting in an estimated $78.6 million in annual savings for California policyholders, according to an announcement by the commissioner's office.
This follows Jones's announcement on Oct. 19 that State Farm agreed to reduce its rental dwelling rates statewide by an average of 40 percent, effective Feb. 1.
After State Farm requested a rate increase of 6.9 percent, Jones held a public hearing. Based on the evidence presented during the hearing, Jones determined that "rates charged by State Farm are excessive."
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