The Real Deal Miami

State Farm offers refunds

September 10, 2008 11:56AM

Nearly 100,000 homeowners’ policy holders will get money back from State Farm Florida after state regulators found the insurer didn’t properly apply its credits for wind damage mitigation. Policy holders will receive an average of $1,225 over the next 12 months, and the total refund will hit $120 million. State Farm will pay a $1 million fine for failing to meet the state statute requiring discounts be applied to wind insurance premiums. State Farm is Florida’s largest private insurer, with about 1 million homeowners’ policies.