Chaney approves State Farm insurance rate decrease for homeowners

Here’s something you don’t hear too often: the price of insurance going down.

In a release today, Sept. 13, Mississippi Insurance Commissioner Mike Chaney announced he approved a 4 percent decrease in rates for State Farm home insurance consumers. The rate decrease goes into effect Jan. 1, 2020, for new
policies and March 1, 2020, for renewals.

“This is the third rate decrease for State Farm homeowner rates in the last four years,”Chaney said in the release. “It is good news for consumers that competition and market share continue to result in lower rates.”

Premiums could vary person‐to‐person based on the homeowner’s policy and coverage. Customers with questions should contact their local State Farm agent to discuss their individual situation.