State Farm has asked for an average increase of 47% on Florida Homeowner’s policies.
If the rate hike is passed, south Florida residents in Miami-Dade could see rate hikes as high as 70%.
“State Farm, which has been working aggressively in recent years to reduce its catastrophe risk in Florida, said earlier this year it wouldn’t write new homeowner policies in the state. State Farm hasn’t written new policies in South Florida for more than a decade. It’s also not renewing about 50,000 policies in coastal areas throughout the state over the next year.”
“State Farm’s last rate increase was approved in 2006. That rate hike left many South Florida policyholders with premiums that jumped 100 percent or more.”
If this is passed, it would effective for policy renewals starting March 1, 2009. An August 12th hearing in Tallahassee is set. It will be interesting to see what happens!!
How’s that commercial go again? “Like a good neighbor, State Farm is there”……NOT!!
What are your thoughts on this?
