Department of Insurance announces $160 million in savings with homeowner insurance rate reductions – San Francisco
State Farm General Insurance Company decreases rates for San Francisco area policyholders
SAN FRANCISCO, CA – February 7, 2013 – (RealEstateRama) — Insurance Commissioner Dave Jones today announced an average of 8.5 percent insurance rate reduction for San Francisco area homeowners insured with State Farm General Insurance Company. The reduction will result in an average annual savings of $100 for homeowners statewide.
“As a major homeowner insurer in California, State Farm is demonstrating that insurers can serve customers well and operate profitably at the same time. As the economy continues to recover, this rate reduction will no doubt alleviate some of the financial burden many homeowners are experiencing,” said Commissioner Jones. “I’m pleased to help Californian’s hold onto more of their hard-earned money.”
According to State Farm, 85 percent of policyholder premiums statewide will either decrease or remain the same under the new rates. The rate reduction is effective for policy renewals beginning April 15, 2013.
“This rate filing helps us deliver on our commitment to offer our customers a remarkable combination of excellent products and exceptional service at a competitive price,” said Tom Conley, State Farm General Insurance Company President and CEO. “We appreciate the collaborative effort it took to bring forth this rate filing that we believe is good for our customers.”
Other California counties will also see significant rate reductions:
Sacramento – 21 percent average
Los Angeles – 12.3 percent average
San Diego – 12.4 percent average
Since elected in 2011, Commissioner Jones has approved more than $1billion in savings for California consumers and businesses. These savings resulted from the department’s review of nearly 2,000 property-casualty rate filings under Proposition 103.
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Media note:
The overall rate reduction for State Farm General Insurance policyholders is an average of 12.6 percent statewide.
Rate filing history:
The Department of Insurance has approved several homeowner and automobile premium rate reductions, filed by the following companies, saving California consumers millions in premiums annually:
QBE reduced lender-placed homeowner rates by 35 percent
American Assurance Insurance Company reduced lender-placed homeowner rates by 30.5 percent
American Modern Home reduced lender-placed homeowner rates by 21.3 percent
Great American Assurance Company reduced lender-placed homeowner rates by 28 percent
Pacific Specialty Insurance reduced homeowner rates by 21.5 percent
Unitrin Direct Property & Causality reduced homeowner rates by 14 percent
Standard Fire Insurance reduced homeowner rates by 6.4 percent
Travelers Property & Casualty Insurance reduced homeowner rates by 6.2 percent
Universal North America Insurance reduced homeowner rates by 3.8 percent
California Casualty Indemnity reduced automobile rates by 21.7 percent
USAA General Indemnity reduced automobile rates by 20 percent
Twin City Fire Insurance reduced automobile rates by 13 percent
Hartford Underwriters Insurance reduced automobile rates by 8.4 percent
Progressive West Insurance reduced automobile rates by 6.5 percent
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Please visit the Department of Insurance Web site at www.insurance.ca.gov. Non media inquiries should be directed to the Consumer Hotline at 800.927.HELP. Callers from out of state, please dial 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.
Contact:
Media Calls Only: 916-492-3566
