Rate increase denied

Wednesday, Sept. 4, 2002 | 11:22 a.m.

CARSON CITY -- A request by State Farm Fire and Casualty to increase insurance rates by nearly 25 percent for some 83,000 homeowners has been denied by state Insurance Commissioner Alice Molasky-Arman.

Molasky-Arman did approve State Farm's application Tuesday to raise rates by 38.4 percent for 8,000 condominium owners. The increase will be put into effect in two steps -- the first will be a 20 percent increase, with the balance implemented at the following renewal date.

Molasky-Arman also approved a requested 0.1 percent increase in renters' insurance. The company has 13,600 of those policies in Nevada.

The new rates will become effective Jan. 15 for renewal policies.

State Farm, which has 22 percent of the market in Nevada, last raised its homeowner policy rates in March by 8.5 percent.

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