Mississippi Insurance Commissioner Mike Chaney has temporarily denied a 45 percent rate increase for homeowners on the Gulf Coast, saying that he needs additional information. State Farm Fire and Casualty Co. requested the increase for the state's three coastal counties earlier this month.
Chaney said that he intends to ultimately deny the request, according to the Sun Herald, but also said that the commission was "open to negotiating" with the insurance carrier.
State Farm spokesman David Majors told the Sun Herald that 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.
For additional information on this story, see "State Farm Rate Hike an Exit Policy" by Adam Lynch.
Previous Comments
- ID
- 151742
- Comment
Good for Chaney to do this. All these insurance companies do is just raise rates and rip people off when it comes time to pay up.
- Author
- golden eagle
- Date
- 2009-09-10T10:23:06-06:00
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