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State Farm Asking For Nearly 30% Rate Hike

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TALLAHASSEE (CBS4) – While their motto may be “Like a good neighbor, State Farm is there”, the insurer isn’t being very ‘neighborly’ in its latest request to the state.

They’ve asked the Office of Insurance Regulation to approve a 28 percent rate hike which they claim is needed to cover their risk in Florida.

While the state hasn’t suffered any major damage from hurricanes in the last five years, State Farm said it’s suffered a spike in non-catastrophic claims including hundreds of millions of dollars in losses due to sinkholes.

In 2009, State Farm received approval for a 28 percent increase in the average policy and another 6.6 percent increase last year. It covers nearly 700,000 homes.

The insurer covers nearly 700 thousand homes in Florida.

The increase request will go before the Office of Insurance Regulation on Feb. 15.

(©2011 CBS Local Media, a division of CBS Radio Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

 

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