Florida approves rate hike for State Farm

            State Farm customers in Florida will pay more for homeowner insurance coverage.
Florida Insurance Commissioner Kevin McCarty has approved a statewide average 18.8 percent rate increase in State Farm’s homeowners’ policies.
The new rates will apply to new policies effective July 1st and renewals as of July 15th.
Currently, State Farm has some 578,000 homeowners’ policies in the state.
The increase is less than State Farm wanted.
The company had sought approval for a nearly 28 percent rate increase.
State Farm said this year’s rate change includes an average 20 percent increase on homeowners, a 15 percent decrease in renters and a three percent decrease for condominium owners.


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