The Real Deal Miami

State Farm seeks 67 percent homeowner insurance hike

December 12, 2008 09:42AM

State Farm, the insurer that was rebuffed by Insurance Commissioner
Kevin McCarty earlier this year when it sought an average rate increase
of 47 percent, is now seeking a 67 percent hike in homeowner insurance rates as part of its appeal
before an administrative law judge. The company told insurance
regulators and the judge that it needs higher rates to rebuild its cash
reserves so that it has enough money to pay future claims, especially
after a catastrophic storm.