The Real Deal Miami

State Farm can drop discounts

August 07, 2009 12:51PM

State regulators are allowing State Farm Florida Insurance to eliminate or reduce some of the discounts it offers policyholders, increasing premiums on homeowners’ policies. The state said it must still offer wind mitigation features such as storm shutters, impact-resistant windows and doors or reinforced garage doors. The company last year sought a 47.1 percent rate hike last year to make up some of the revenue it lost via the credits. State Farm will be pulling out of doing business in Florida over the next two years.