State Farm Insurance rates for homeowners in San Francisco will be reduced an average of 8.5 percent under a change announced this week, resulting in an average annual savings of around $100 for homeowners insurance, according to state insurance officials.
The rate reduction, announced Thursday, is part of a statewide rate change that will see rates drop by an average of 12.5 percent statewide, according to the California Department of Insurance.
“As the economy continues to recover, this rate reduction will no doubt alleviate some of the financial burden many homeowners are experiencing,” Insurance Commissioner Dave Jones said in a statement. “I’m pleased to help Californians hold on to more of their hard-earned money.”
The rate reductive is effective for policy renewals starting April 15.
The Department of Insurance has approved more than a dozen rate reductions since 2011, resulting in more than $1 billion in savings for consumers and businesses, Jones said.