Chaney denies State Farms’ 45% rate hike
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 the state’s three coastal counties.
Chaney said he notified the company he needs more information. Chaney said he ultimately intends to deny the request, but: “We’re open to negotiating with them.”
He said it could be months before a final decision is made.
State Farm spokesman David Majors said the company intends to fulfill Chaney’s request.
“We’ll provide as much information as we can and work with the department with any request so that we can get the rate we’ve requested in the lower three counties,” Majors said.
AP
9/9/9
Magnolia Tribune
