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State Considers State Farm Rate Increase That Would Cost Thousands
August 13, 2008
State Farm faced the Florida Department of Insurance Regulation Tuesday, trying to explain why they want to raise rates by as much as 90 percent.
The average rate increase would be 47.1 percent. For the roughly 13,000 policyholders in Escambia and Santa Rosa counties, the rate increase would amount to about 50 percent. For a $300,000 home build before 2001, rates would jump $4,411, going from $8,803 to $13,214.
But state regulators spent most of the morning grilling State Farm executives over profits made the their parent company. State Farm Florida transfers about a half billion dollars a year to their parent company State Farm Mutual for reinsurance against major hurricane losses.
No decision was made on the rate increase Tuesday.
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