State Farm Trims Del. Homeowners Rates by Average of 5%

Delaware Insurance Commissioner Matt Denn announced that State Farm Insurance, the state’s largest insurer of homes and second largest insurer of automobiles, would cut its automobile and homeowners insurance rates by an average of 5 percent in the coming year.

This rate reduction is the first significant auto or homeowners rate cut in years by any major Delaware insurance company.

“I am very pleased that State Farm has decided to take the lead in cutting insurance rates here in Delaware,” Denn said. “I encourage Delaware consumers to take a look at State Farm when they are price-shopping for their insurance, and I encourage other Delaware insurance companies to follow State Farm’s example.”

Denn approved a State Farm auto insurance rate cut several weeks ago, and approved the company’s homeowner’s insurance rate cut last week.