After MID awarded State Farm a 19.5% rate increase, the Company decided to forgo the shock ’em first approach it brought from Florida Mississippi- …and the score in the State Farm game was 45-19.5…– and go with a 19% requested increase in Louisiana.
The Times-Picayune carried the AP story; but, hanging on Editilla’s Ladder was the more detailed story in the Daily Comet.
“State Farm, Louisiana’s largest homeowners insurer, has asked regulators for a 30 percent rate increase for policyholders in Terrebonne and Lafourche parishes.
Coastal parishes would take the brunt of the proposed increases, which average 19.1 percent statewide.
The Louisiana Department of Insurance will consider the request, which could generate $67.6 million, or an average of about $229 per Louisiana policyholder. The company has about 296,000 policyholders in the state…”
This brings us to the part of the story where things start to go fuzzy, shall we say. Continue reading “What a coincidence – State Farm files for 19% rate increase in Louisiana!”