State Farm Raising Homeowner Rates In Louisiana

If you have your homeowner's insurance with State Farm get ready to pay more for your coverage.

State Farm's latest filing with the Louisiana Insurance Department shows that the average rate increase for policyholders will be 8.7 percent.

Their increase will generate around $40.1 million for State Farm.

New customers are already paying the higher rates, and existing customers can expect to see their rates rise starting on November 1 when they go to renew their policies.

Rates will also go up for owners of condominiums and those purchasing renter's insurance.

While the average increase is 8.7 percent, the amount of an increase depends mostly on where you live.

Customers in coastal areas where hurricane damage risk is higher will see higher rate increases.

State Farm insures 30 percent of homeowners in Louisiana making it the state's largest insurer.