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State Farm Announces Changes to Its Insurance Rates

The positive momentum generated from AOB reform may be extending to the insurance industry. State Farm is making headlines after announcing it has reduced homeowners insurance rates by just over fourteen percent for Florida homeowners. The news comes as a refreshing change of pace where it had become common for homeowners to see their rates skyrocket.

The lower rates for State Farm policyholders went into effect on the 15th for new customers and will kick in for existing policyholders on July 1st for renewals. Collectively, homeowners can expect to see about $95 million in savings thanks to the lower rates.

Along with the rate reduction, current and future State Farm customers can discuss their policy with an agent to find opportunities for more discounts they may be eligible for based on their circumstances.

State Farm is the largest provider of home insurance in the country, with well over 80 million policies. To read more about the new rate reductions, please visit https://www.insurancejournal.com/news/southeast/2019/05/21/527007.htm.

This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys or an insurance lawyer Miami and receive a free consultation We look forward to working with you.

This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.