State Farm asks for 19.1 percent rate hike - KPLC 7 News, Lake Charles, Louisiana

State Farm asks for 19.1 percent rate hike

BATON ROUGE, La. (AP) - State Farm Fire and Casualty Co., Louisiana's largest homeowners insurer, has asked for a rate hike that will 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 policyholder. The company has about 296,000 policyholders in the state.

Insurance rates vary statewide, but rates are generally higher in storm-vulnerable coastal areas.

State Farm spokeswoman Molly Quirk-Kirby also said individual increases will vary depending on deductibles and policy limits.

"This rate change need is based on our projections of future losses and expenses," Quirk-Kirby said.

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