State Farm Can’t Raise Rates In Coastal Mississippi

by The Associated Press

Published: Wed, September 09, 2009 - 3:53 pm CST Last Updated: Wed, September 09, 2009 - 4:01 pm CST

JACKSON, Mississippi - (AP) - Mississippi Insurance Commissioner Mike
Chaney on Wednesday told State Farm Fire and Casualty Co. he has
temporarily denied its request to increase homeowners' rates by 45
percent in three coastal counties.
Chaney said he notified the company he needs more information
about the request. He said it could be months before a final
decision is made. Though he is open to negotiations, Chaney said he
ultimately expects to deny the request.
State Farm spokesman David Majors said the company intends to
provide the information Chaney wants.
State Farm is the largest insurer in Mississippi. Chaney said
the company has about 26,000 policies in coastal Hancock, Harrison
and Jackson counties, which were hit by Hurricane Katrina in 2005.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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justme Says:

Wed, Sep 09, 2009 at 4:54 pm

So many have no insurance now cause of high cost, seem’s like a legal way to get rid of clients to reduce their loses. Insurance pays for so little now it’s just a way for them too make big money and pay out 8 cents on the dollar in claim’s.

Lindaloo Says:

Wed, Sep 09, 2009 at 4:18 pm

I am sure they will appeal this later. A huge increase like that would cripple recovery efforts. This would further cause cities to lost tax revenue because people will move further north.