The Real Deal Miami

State Farm hike likely

July 28, 2009 01:42PM

Homeowners could see an end to many mitigation discounts State Farm Florida Insurance policyholders receive, and that could result in rate increases of 45 percent. State Farm is leaving Florida, and will stop writing policies in the next two to three years, but is struggling to stay afloat until that happens. Ending the discounts could allow it to remain solvent, company officials said. The company sought a 47 percent rate hike last year, but the state insurance commission rejected that attempt.