WINTER HAVEN, Fla. – Florida homeowners who have State Farm insurance will soon see a big drop in rates. State Farm officials said new customers or those renewing home insurance policies will see about a 14.4% cut in rates on or before July 1, 2019.
The total statewide expected savings for State farm customers in Florida will total nearly $96 million, according to company officials.
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“We’re always evaluating how we can best serve our customers and are very pleased to be able to offer this rate decrease in Florida,” said Dan Krause, State Farm senior vice president. “Stable non-catastrophe loss trends, improving expenses and losses, along with State Farm Florida Financial strength were important factors, among many, that supported our decision to make this rate change.”
Overall changes in premiums for individual homeowners will vary depending on the specific details of an individual customer’s policy and chosen coverage. Customers with questions can contact their State Farm agent to discuss their individual situation.
State Farm agents are also able to review policies with new and existing customers many opportunities for additional discounts that may apply to an individual’s unique circumstances.