The Real Deal Miami

State Farm back for rate hike

October 24, 2008 10:45AM

State Farm will once again seek a proposed 47 percent average statewide property insurance rate boost at a hearing in Tallahassee on Monday. It will testify before the Division of Administration Hearings after Florida Insurance Commissioner Kevin McCarty said he planned to reject the increase. The premium increase would have been as high as 112 percent in parts of Broward County. State Farm, Florida’s largest private insurer of homes, says the hike is needed to increase its claims reserves. Florida Office of Insurance Regulation officials have asked State Farm why its expenses are increasing even as the insurer continues dropping policies in Florida.