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Updated: 9:03 PM Jul 16, 2008
State Farm Rate Hike
State Farm is seeking a 47.1 percent rate increase in homeowners' policies in Florida. The Illinois-based company is the largest private homeowners' insurer in Florida with roughly 1 million customers. Posted: 3:28 PM Jul 16, 2008 State Farm Rate Hike |
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State Farm is seeking a 47.1 percent rate increase in homeowners' policies in Florida.
The Illinois-based company is the largest private homeowners' insurer in Florida with roughly 1 million customers.
State Farm spokesman Justin Glover says the company has spent roughly $1.20 for every dollar collected in premiums in Florida since 2000 and the big increase was necessary to stabilize its Florida operation.
A spokesman for the state Office of Insurance Regulation says the filing is being thoroughly reviewed and that a public hearing on the State Farm filing will be held next month.
Latest Comments
Posted by: Gramma
Location: Springfield
on Jul 16, 2008 at 06:20 PM
This is guaranteed to force more homeowners who aren't even behind in their mortgage payments into foreclosure. Can we all spell depression? And we thought it could never happen again. We were wrong. Time to create a florida insurance company all are required to buy from including people without a mortgage just like car insurance. Right now only those whose homes aren't paid for are buying insurance.
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