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State Farm wanted even bigger hike
The rate hike requested by State Farm could have been worse, according to State Farm. Check out page 5 of this document, where State Farm tells regulators they really need a 67.6% hike but only asked for 47.1%. (State employees underlined paragraphs on the records.)
By most accounts, the odds are remote that State Farm will win approval to raise homeowners insurance rates an average of 47.1 percent statewide. So what's really going on here? More precisely, as some state
officials suggest, is Florida's largest private insurer asking for such
a large increase so it has an excuse to drop far more than the 50,000
policyholders it is currently shedding? Read the story here.
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