State Farm filed for a 41.4% average rate increase for its boatowners insurance program in New Jersey.

The filing affects 5,215 policyholders and would generate approximately $1.1 million in additional written premium. The average annual premium would increase from $504 to $713.

Individual policy changes would range from a 7.6% decrease to a 57.7% increase. State Farm is proposing a 54.9% increase to hull premiums and a 4% decrease to watercraft liability premiums.

The insurer cited recent loss trends and noted that its last rate revision, effective in 2019, lowered rates by 10.1%.

If approved, the changes would take effect January 15, 2027, for new business and March 15, 2027, for renewals.