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Regulators plan State Farm hearing Wednesday over renters insurance hike

State Farm policyholders will be able to air concerns over a proposed 58 percent average rate hike in renters insurance at a public hearing in Tallahassee today.

The hearing will start at 9 a.m. in the Sen. Jim King Committee Room of the 401 Senate Office Building. Any comments or concerns not addressed at the hearing may be forwarded to ratehearings@floir.com until Aug. 1. The subject line of any e-mail should read "State Farm Florida."

State Farm has also proposed an average 14.2 percent increase in homeowners policies, along with reinstating and altering some discounts. However, state law only requires public hearings for average rate requests that exceed 15 percent.

The Florida Office of Insurance Regulation let State Farm shed 125,000 policies even as it has hiked rates multiple times in the past three years.

But with nearly 500,000 policies statewide, State Farm is still the third-largest property insurer in Florida behind Universal Property & Casualty and the state-run insurer of last resort, Citizens Property Insurance.

Regulators plan State Farm hearing Wednesday over renters insurance hike 07/24/12 [Last modified: Tuesday, July 24, 2012 9:00pm]
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