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State Farm Florida has asked regulators to approve a statewide average homeowners insurance rate hike of 27.7 percent.

The financial strength rating of State Farm Florida has been downgraded by A.M. Best Co. several days before the insurer begins non-renewing policies under a previous agreement with the state to keep it in Florida.

A bitter 17-month dispute between state regulators and State Farm Florida ended with a rate hike for the carrier and permission to shed up to 125,000 policies. Both sides say they are pleased with the outcome.