The Florida Office of Insurance Regulation pressed State Farm officials at a hearing last week to justify a recent filing for a 47 percent homeowners insurance rate hike, in a move that would nearly double the premium for policyholders with the worst windstorm exposures.
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 (which is on the Atlantic, and encompasses Daytona Beach).
According to State Farm's filing, the owner of a $300,000 home in Flagler would see an increase to $4,868 from the current rate of $2,583. In Key West, part of Monroe County, the premium rate on a $300,000 home–now $24,329–would increase 76 percent to $42,919.
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