State Farm Asking For Nearly 30% Rate Hike

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 This material may not be published, broadcast, rewritten, or redistributed.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.)


  • phantom

    If they approve the rate hike I will drop them so fast. Everyone else should do the same.They are raising everything. When our we going to stop taking the crap and do something about it. We need some freakin civil unrest here to show these money huingry corporations and government thT WE ARE FED UP.

  • H. Barry Miller, MD

    For anybody who doubts the basic crookedness of insurance companies here it is: 28% hike in ’09 (no hurricanes), 6.6% in ’10 (no hurricanes) and now a request for 28% MORE because of…….sinkholes!! Where is government to control this unabashed greed? Why in the pockets of the insurance companies of course. And their best weapon? Fear> What if this happens or that happens? You gotta be protected!
    I think to sell auto insurance, which is quite lucrative judging by all these ads on TV all these crooks should be forced to compete in homeowners insurance as well. What greed!

    • Heizel Cruz

      When I called them this year to complain about the increase in my three cars policy. They said to me: Go ask the state politicians, they are the ones doing this, we don’t have anything to do with it!. Like most of the people that don’t know too much about this subject, I bought into it. They are such a liers! I almost felt sorry for them! What I can say is that more than 50% of our salary go to insurance companies (Medical, dental, car, home), and I am already sick of this. Does anybody know which one is the less greedy one? Please let me know>

  • Dave Brown

    watch and see what will happen once Healthcare gets going!!!!

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