The Real Deal Miami

State Farm presses for rate hike

October 29, 2008 03:33PM

State Farm, the state’s largest private insurer, this week defended its quest for a 47.1 percent hike to homeowners insurance policies. In August, state insurance regulators rejected the rate hike, which would have driven up homeowners policies in parts of Palm Beach County by nearly 70 percent. Florida’s Office of Insurance Regulation, which oversees rate hikes, cited technical deficiencies and a lack of evidence that the boost was justified. Specifically, the insurer had claimed it incurred losses because the legislature forced a rate reduction for homeowners who harden their homes against storms.