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Oct 2, 2007 10:06 am US/Eastern

State Farm Agrees To Property Insurance Drop

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TALLAHASSEE (CBS4) ― State Farm announced on Tuesday it agreed to drop its property insurance rates by 9 percent on average.

Lawmakers in January passed a law aimed at making it easier for insurers to get cheaper backup coverage with the idea that the savings would be passed on to consumers.

State Farm had filed for a 7.1 percent average decrease, but the Office of Insurance Regulation said that wasn't enough.

The company now says it had agreed with the agency on the larger decrease.

State Farm says that the rate decrease would be effective "as soon as practical," and customers would see their rates drop when they renew.

(© 2007 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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