Louisiana’s largest insurer of homes has received state approval to boost rates by an average 7.8%. State Farm Fire and Casualty Co. says the $32.2 million rate hike goes into effect with new policies on Feb. 15, and renewal policies on April 1. The rates will rise depending upon where homeowners live. Although most coastal areas are in for increases, the largest jump will total 19.5% in northeastern Louisiana parishes around Monroe. Rapides Parish, including Alexandria, is slated to have a 13.9% hike. There was no information available as of this afternoon on what the rate hike may be in the Baton Rouge area. State Farm has about 301,000 policyholders in Louisiana. The company received a 9.9% average increase last year and an 8.3% increase in 2009 after requesting 13.7%.
State Farm’s 7.8% average rate increase approved
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