Florida Rejects State Farm Rate Request
POSTED: Monday, August 25, 2008
TALLAHASSEE, Fla. -- Florida insurance regulators have rejected State Farm's request for a 47.1 percent increase on its homeowners policies in the state.The Office of Insurance Regulation on Monday said State Farm failed to appropriate support for the rate increase it requested in July.The Illinois-based insurance giant has 21 days to petition for an administrative hearing and is prohibited from increasing its rate until it is granted state approval.State Farm is the largest private homeowners' insurer in Florida with roughly 1 million policyholders. State-backed Citizens Insurance is the larger carrier of Florida homeowner policies with roughly 1.2 customers.
Copyright 2008 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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