State Farm Homeowners’ Rate Hike Rejected in Louisiana

Louisiana insurance regulators have rejected a rate increase from the state’s largest insurer of homes.

State Farm Fire and Casualty Co. wanted an average 14.3 percent rate hike for its 301,000 customers who get homeowners and condominium coverage, as well as renters’ protection.

Insurance Commissioner James Donelon rejected the increase totally, saying it was not justified.

State Farm spokeswoman Molly Quirk says the company hasn’t decided what its next step will be.

State Farm received a 9.9 percent increase last year after requesting 19.1 percent. In 2009, the insurer received an 8.3 percent hike after requesting 13.7 percent.