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State Farm Cutting Property Insurance Rates 2%

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By RUSSELL RAY | The Tampa Tribune

Published: October 2, 2007

TAMPA - State Farm, Florida's second-largest property insurer, will lower home insurance rates 2 percent statewide under an agreement with state regulators, company and state regulators announced today.

The deal, which was negotiated with the company by the Office of Insurance Regulation and the state attorney general's office, will save policyholders an estimated $23 million a year.

The decrease is in addition to a 7 percent rate cut applied to policies that renewed after June 1.

The new 2 percent rate reduction will be applied as policies come up for renewal. Combined with the earlier reduction, property insurance premiums for State Farm policyholders will drop 9 percent on average, the company said.

State Farm, which has about 1 million home insurance policies in Florida, said it still plans to drop 50,000 policies in Florida's riskiest coastal areas beginning in January.

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