Insurer Seeks Rate Hike

By: Associated Press
By: Associated Press

State Farm Insurance company will ask Mississippi regulators for permission to raise its homeowner policy rates by 42.5 percent.

State Farm provides insurance to nearly a third of all Mississippi homeowners.

The company stopped accepting new homeowner customers in November. State Farm said it lost $50 million in 2001.

Insurance commissioner George Dale said other companies have received rate increases of 20 percent or less this year.

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