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State Farm Seeks Rate Hike for New Mexico Manufactured Homes

State Farm Fire and Casualty Company filed in New Mexico on October 7, 2025, to increase rates by 15.1% for its Manufactured Homes Program, effective November 15, 2025, for new business and January 1, 2026, for renewals. The filing affects 9,244 policyholders and represents a $10.2 million premium change.

Revisions include updated Basic Premiums, Model Year Rating Plan adjustments, and Amount of Insurance factors, supported by a generalized linear model (GLM) based on companywide experience. The Fixed Expense Constant is reduced from $129 to $104. The indicated rate need was 16.8%, slightly higher than the implemented change.