The Real Deal Miami

State Farm rate hike quashed

September 08, 2008 10:37AM

Florida’s Insurance Commissioner Kevin McCarty denied State Farm Florida’s appeal of his decision to reject an average 47 percent rate increase for property coverage against hurricanes and other perils. McCarty declined to grant a formal hearing on grounds that the company failed to allege any material issues of fact that are in dispute. Last month, he said the company failed to submit sufficient data to justify an average increase of that magnitude. State Farm spokesman Chris Neal said the company believes its evidence supports the higher rate and would “explore all options.” The company’s remaining possibilities include submitting a revised rate request and going to court.