State Farm agrees to cut property insurance rates

State Farm, Florida’s largest private home insurer, agreed to cut property insurance rates by an average of 9 percent.The settlement announced Tuesday also requires State Farm to refund more than $23 million  to policy holders for overcharging them.  The company must also work with state investigators who want to know whether insurance companies, their trad association, and organizations are colluding to exaggerate potential losses.

State Farm, which has more than 1 million policies in Florida, said the rate decrease would be effective “as soon as practical,” and customers would see their rates drop when they renew.

Go to the Bradenton Herald to read more about the State Farm settlement.