State Farm to seek rate hike in Miss. - MSNewsNow.com - Jackson, MS

State Farm to seek rate hike in Miss.

JACKSON, Miss. (AP) - State Farm will file a rate increase with Mississippi Insurance Commissioner Mike Chaney in the next few months.

Company spokesman David Majors tells The Clarion-Ledger that details are still being worked out.

Last year, State Farm boosted rates by an average of 19.5% in Mississippi's three coastal counties: Harrison, Hancock and Jackson. The company was seeking a 45% increase.

Chaney said he won't approve it or any other proposed rate hikes until at least a year after a company's last increase took effect and won't approve any hikes during hurricane season, which runs June 1 through Nov. 30.

Chaney said he will look over whatever State Farm requests to see if it is reasonable.

Information from: The Clarion-Ledger, http://www.clarionledger.com

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