November 8, 2016 - SACRAMENTO, Calif. - Insurance Commissioner Dave Jones today issued a Decision and Order requiring State Farm Insurance Company to reduce its dwelling insurance rates by an average of 7.0 percent, resulting is $78.6 million in annual savings for California policyholders.

State Farm requested a rate increase of 6.9 percent. Based on the evidence presented during a rate filing public hearing, the commissioner determined that rates charged by State Farm are excessive. Specifically, Commissioner Jones is ordering State Farm to reduce its homeowner insurance rate by an average of 5.37 percent, its renter insurance rate by an average of 20.39 percent, and its condominium insurance rate by an average of 13.81 percent -- for a total average of 7.0 percent.

Since Jones took office in 2011, the department has processed nearly 40,000 property and casualty insurance rate filings under Proposition 103, the voter enacted rate regulation law. During this same period, the commissioner reduced the overall amount of requested rate increases by $1.093 billion and obtained over $1.562 billion in rate reductions from insurers, totaling over $2.655 billion in savings to California consumers and businesses. This total includes approximately $975 million in rate reductions for personal auto coverage and $616 million in rate reductions for personal homeowners' coverage.
Source: CPRB