Increase Effective July 1st for New Business & August 15th for Renewals
South Carolina, June 28, 2012 - State Farm Fire and Casualty Company has announced that a Homeowner rate increase of 6.9% has been approved effective July 1, 2012 for new business and August 15, 2012 for renewals. Impacts will vary by territory and other features selected by the policyholder.
Homeowners rates are based on projected costs and reflect trends in the number of claims and the cost to pay them. State Farm has seen an increase in the number of claims and the costs associated with them. This trend shows no signs of reversing which creates the need for this additional rate. Just like any business State Farm must constantly assess its business needs so that it can continue to live up to its promise of taking care of policyholders.
Rate changes for individual customers will vary, depending on a variety of factors such as claim experience, location of the home and policy coverages. State Farm suggests customers see their agent for more details.
State Farm is the largest insurer of homes in the United States and in South Carolina, where it insures nearly one in four homes.
Justin Tomczak, State Farm Public Affairs, ( 770) 418-5562
State Farm and its affiliates are the largest provider of car insurance in the U.S. and is a leading insurer in Canada. In addition to providing auto insurance quotes, their 17,800 agents and more than 65,000 employees serve 81 million policies and accounts - more than 79 million auto, home, life and health policies in the United States and Canada, and nearly 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 43 on the Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com or in Canada http://www.statefarm.ca.