California’s largest homeowner’s insurer, State Farm General Insurance Co., plans today to announce premium cuts of about 11% for 1.2 million of its policyholders, the Los Angeles Times reports. Annual premiums are expected to drop an average of $103 beginning at year end, the company said.
State Farm, a part of Bloomington, Ill.-based State Farm Group, is the third and by far the largest California homeowner’s insurer to ask for rate cuts in the last two months. In late June, Hartford Insurance lowered premiums by 18%, followed by a 22% drop at USAA in early August.
