State Farm seeks rate hike
Meanwhile in another part of the capitol, State Farm Florida executives are starting to plead their case as to why the company needs an average 47.1 percent rate hike.
The consumer advocate recommended State Farm cut its rates. Read it about it here.
State Farm executives started off by explaining that they need a rate hike due to mandated mitigation discounts for those who harden their homes. They say such discounts mean the company has been giving away consumers deep breaks.
Buzz peaked into the hearing this morning, and it's a fairly full house, as rate hearings go. (They're usually pretty empty). In addition to a handful of media and State Farm's press team (Justin Glover and Chris Neal), the audience included a fair number of representatives from other insurance companies, including George Grawe from Allstate and Gerald Wester of American Insurance Association and Zurich.