State Farm seeks rate hike in Florida

Florida’s largest private property insurer is seeking a major rate hike.

State Farm went before Florida insurance regulators on Tuesday asking for significant increases in homeowners premiums including a hike of nearly 28 percent in homeowners’ policies.
The company is also seeking a nearly 96 percent increase for coverage that protects against multiple dangers for businesses and homes or combines property and liability coverage in one policy.
The company says the rate increases are needed because of a growing number of claims from around the state including more sinkhole claims.
State Farm is the largest private property insurer in Florida.


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