The Real Deal Miami

Florida rebuffs State Farm rate hike

August 26, 2008 10:01AM

The Office of Insurance Regulation denied a request by State Farm Florida for a 47.1 percent average increase on its homeowners policies. The increase would have been much higher for many South Florida homeowners, with an average hike of 80 for Broward County and a 63 percent average hike for Miami-Dade County. Deputy Commissioner Belinda Miller said State Farm did not provide appropriate support for the rate increase it requested. State Farm spokesman Chris Neal is still reviewing the state’s decision.