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State Farm, Farm Bureau Want To Raise Insurance Rates
July 31, 2008
Two of the major property insurers in North Escambia have asked the state to raise insurance rates as much as nearly 50 percent.
Florida Farm Bureau became the latest insurer to ask for a rate increase when they went before the state’s Office of Insurance Regulation in Tallahassee on Wednesday. Farm Bureau is seeking to raise property insurance rates by 28 percent.
Farm Bureau, which has over 100,000 property policy holders in the state, says it needs the rate increase to be able to pay claims in the event of a major hurricane hitting their insured in the state.
The state’s second largest property insurer, State Farm, has asked for a 47 percent rate increase. A public hearing on that request will be held on August 12. State farm insures about one million Florida homes.
Comments
One Response to “State Farm, Farm Bureau Want To Raise Insurance Rates”
Farm Bureau says it needs the rate increase to be able to pay claims in the event of a major hurricane. I just want to know if we don’t get a major hurricane are they going to refund my rate increase back to me? I thought the surcharges the state put on car and house insurance was to help pay for a major hurricane. I think since we have to pay yearly dues to be a member of Farm Bureau we should get to vote on the increase.