The Real Deal Miami

State takes stance on home insurance discounts

September 15, 2008 10:47AM

State insurance officials say they will take firm, decisive action against any company that fails to offer discounts to policyholders who’ve beefed up their houses against potential storms. The Office of Insurance Regulation made more public rumblings Friday after Florida’s largest private insurer, State Farm, this week agreed to refund $120 million to 98,000 of its current and former customers who were not given mitigation discounts dating back to 2004. The insurer also agreed to pay a $1.04 million fine as part of its agreement with the state.