The Florida Office of Insurance Regulation has approved an average rate hike of 18.8 percent for Florida homeowners covered by State Farm.

In a statement, Florida Insurance Commissioner Kevin McCarty said, "The amended rate filings by State Farm accepted by the Office today are reflective of both a rate need by the company as well as cost-drivers in the system. State Farm provided actuarial support for these new rates through data submitted in their amended rate filing, and through responses to Office questions during the public hearings conducted on February 15 in Tallahassee."

The insurer submitted two rate filings in December.

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