The Florida Office of Insurance Regulation announced its intention yesterday to disapprove State Farm Florida's requested rate increase that would raise homeowner insurance rates 47 percent on average.
State Farm Florida, which is currently not writing new home insurance business in the state, said it sought an increase from the State Office of Insurance Regulation to "cover the expected costs of loss and operating expenses." Last year the carrier cut its home insurance rates by 9 percent.
Under the carrier's latest rate request, some homeowners would see significantly higher increases, while others would have lower increases. For example, the increase was as low as 19 percent for Pasco County beside the Gulf of Mexico, and as high as 88 percent in Flagler County on the Atlantic, which encompasses Daytona Beach.
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