The Real Deal Miami

Court denies State Farm rate raise

July 21, 2009 03:38PM

A Florida appellate court has denied State Farm Florida’s request to raise its home insurance rates. The company had proposed a 47 percent rate hike and appealed to the First District Court of Appeal when Florida Insurance Commissioner Kevin McCarty denied the increase. State Farm has 15 days to ask for a rehearing, but a company spokesperson said the insurer has not yet decided whether to request one. State Farm announced plans in January to leave Florida’s property insurance market. But the company has disagreed with McCarty’s requirement that State Farm find another home for its policies.