BATON ROUGE, La. (AP) - State Farm Fire and Casualty Co.'s request for a major rate increase in homeowners coverage has been rejected.
Louisiana Insurance Commissioner Jim Donelon said Wednesday that the increase "was determined to be unreasonable." State Farm had wanted an additional $67.6 million in annual premiums.
Although the average increase would have been 19.1 percent, rates in different areas of the state would have fallen as much as 5 percent to increases of as much as 44 percent - with residents in coastal areas taking the brunt.
State Farm is Louisiana's largest home insurer with about 27 percent of the market share.