Posted on 12 Sep 12 by Annie George
Homeowners insured by State Farm will see their premiums jump an average of 20 percent later this year in response to an increased number of claims and higher roof replacement costs, the state’s largest property insurer said Friday.
The changes will take effect Nov. 1 for new customers and Dec. 1 for existing policyholders, the newspaper said.
The insurer said the changes were needed because of the volume of claims and the increasing cost per claim. It said roofing costs alone were up nearly 90 percent in the past five years.
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