Average 14.4% Rate Decrease to Affect Over 270,000 Policyholders
State Farm® Florida Cuts Home Insurance Rates
State Farm® Florida current and future home insurance customers will be saving money. State Farm Florida is reducing its home insurance rates by an average of 14.4 percent. The total statewide savings impact for customers will be approximately $95.9 million.
“State Farm Florida is always evaluating how we can best serve our customers. We are very pleased to be able to offer this rate decrease,” said Dan Krause, State Farm Senior Vice-President. “There were several factors supporting the decision to lower rates. Among them were stable, non-catastrophe loss trends and the strength of State Farm Florida."
The rate decrease is effective May 15 for new business and July 1 for renewals.
Overall changes in premiums for individual homeowners will vary. Rates depend on a customer’s policy and chosen coverage. New and existing customers can contact their local State Farm agent to discuss their individual situation. Additional opportunities for discounts may apply.
A rate decrease, combined with discounts, offers exceptional long-term value to State Farm customers.
The mission of State Farm is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its 19,200 agents and 59,000 employees serve approximately 84 million policies and accounts – over 81 million auto, fire, life, health and commercial policies and over 2 million financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 36 on the 2020 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.