Florida Office of Insurance Regulation Officials pressed State Farm representatives at a hearing today to justify a recent filing for a 47 percent rate increase for homeowners insurance rates in the state.
The filing seeks increases that vary by county–as low as 19 percent for Pasco by the Gulf of Mexico, to as high as 88 percent in Flagler.
According to State Farm's filing, the owner of a $300,000 home in Flagler, which is on the Atlantic and encompasses Daytona Beach, would see an increase to $4,868 from the current rate of $2,583.
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