STATE FARM FILES FOR 28% RATE INCREASE FOR FLORIDA HOMEOWNERS

  STATE FARM FILES FOR 28% RATE INCREASE FOR FLORIDA HOMEOWNERS



Yesterday State Farm Florida Announced they have requested from The Florida Insurance Department that they Grant State Farm a 28% rate increase.  Florida State Farm Policyholders have endured many rate increases and have also endured  State Farm threatening to cancel all of their homeowner policies and leave the state , so it will be interesting to see if 1) they get the rate increase they are asking for and 2) whether or not it will be well tolerated by weary State Farm Policyholders.  Many State Farm customers have already left for smaller Florida Based startup insurers to save money, or in areas that State Farm isn't actively writing new policies (like Hernando and Pasco counties), many have left and placed their policies with Citizens Insurance Company.  A battle with State Regulators is sure to come, so stay tuned to this blog for updates.