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State Farm has agreed to reduce homeowner rates 9 percent, as well as pay almost $23.3 million in customer refunds and $1.5 million in legal costs to the state of Florida, it was announced today.

In addition, the Florida Office of Insurance Regulation and Office of the Attorney General said the company agreed to cooperate with the OIR on further investigations “related to potential collusion between insurers, trade associations and rating organizations.”

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