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Mississippi may see home insurance hikes from State FarmPosted On Fri, May 28, 2010
Mississippi homeowners with State Farm insurance may see a rate hike during the next few months, according to the Associated Press.
The insurance provider plans on filing a rate increase request with the Mississippi Insurance Department, the AP reported. State Farm spokesman David Majors told the news agency that not all of the details have been hammered out as of yet.
Last year, the insurance company sought a 45 percent home insurance increase for several of the state's coastal areas. However, only a 19.5 percent raise was allowed for three counties, the AP said. The insurer feels they are facing a substantial amount of risk for the hurricane-prone area.
"We're not coming in and asking for what we've lost," Steve Simkins, State Farm's chief counsel in Mississippi told the AP in reference to the more than $2 billion paid out in Hurricane Katrina claims. "We found out we have more exposure to a major storm.''
For 2010, an above-average hurricane season has been predicted by weather experts, with 15 named storms - eight of which are expected to turn into full-fledged hurricanes.
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