The Real Deal Miami

State Farm hike questioned

August 13, 2008 11:29AM

Executives from State Farm Florida testified Tuesday that a hike that would push homeowners’ coverage up an average of 47.1 percent was required if the insurer was to be able to pay future claims. South Florida residents, who live in the area most vulnerable to hurricanes, would bear the largest share of the increase. Gov. Charlie Crist has said he hopes Florida Insurance Commissioner Kevin McCarty quashes the increase. State Farm has about one million clients in Florida.