The Supreme Court of California has ruled that State Farm does not have to refund homeowners $100 million, after it denied appeals from both the state insurance commissioner and a consumer advocate group.
In 2016, then-insurance commissioner Dave Jones deemed State Farm’s homeowners’ insurance rates as excessive, based on its expenses and income. Jones then ordered the insurer to reduce its rates by 7% and offer refunds of approximately $100 million to its customers over the next 17 months.
