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Article: STATE FARM HIKES RATES FOR VIRGINIA POLICIES IN HAMPTON ROADS, ONLY NEWPORT NEWS, SUFFOLK RATES ROSE.(BUSINESS)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- March 7, 2002
CopyrightCOPYRIGHT 2002 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: TOM SHEAN THE VIRGINIAN-PILOT\
State Farm Fire and Casualty Co., the largest insurer of homes in Virginia, said it has boosted its rates for homeowners' coverage in the state by an average of 10.7 percent.
The increases were due to more costly claims last year for damage from fire, water and storms, said Mary Beth Cramer, a spokeswoman.
However, its rates for homeowners' coverage declined in some Hampton Roads cities, Cramer said. In Virginia Beach, State Farm's rates fell an average of 2.8 percent. In Norfolk, Portsmouth and Chesapeake, rates dropped 3.5 percent.
The company raised its rates an average of 6.6 percent in Suffolk ...