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California orders State Farm to reduce homeowners' and renters' rates

The insurer had requested an increase of 6.9 percent, but will now have to cut rates for dwelling insurance by an average of 7 percent.

By Rosalie L. Donlon | Updated on November 09, 2016
State Farm had requested an increase of 6.9 percent, but will now have to cut rates for dwelling insurance by an average of 7 percent in California.

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.

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