Mike Chaney opposes State Farm’s 45% rate increase

Mike Chaney opposes State Farm’s 45% rate increase

The message is a strong one from State Insurance Commissioner Mike Chaney.

“I will not approve the increase they have submitted to us unless I have a court order to do so,” says Chaney.

State Farm is pushing for a rate increase on average of 45% in the three coastal counties. David Majors, a spokesman for the company, said the increase is necessary.

“We had to act responsibly and ensure that we have the resources to pay for future loses,” says Majors.

But, Chaney says it’s not fair to homeowners. The company is pushing to raise rates but is unwilling to write new policies on the coast.

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