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.