State Farm will reduce California rental policy rates by an average of 40 percent after reaching agreement with the state's Department of Insurance. (Photo: iStock)

California Insurance Commissioner Dave Jones announced on Oct. 19 that State Farm General Insurance Co. has agreed to reduce its Rental Dwelling Program policyholders’ rates statewide by an average of 40 percent, effective Feb. 1, 2017.

According to Jones, rental property owners and small-business clients will see an estimated $101.1 million savings, with an average savings to individual policyholders of about $359 annually.

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