State Farm Florida's - State Farm To Increase Insurance Rates

State Farm Florida's - State Farm To Increase Insurance Rates : Florida officials have approved a rate increase for homeowners insured through State Farm Insurance. Officials approved an average rate increase of 18.8 percent for policies across the state.

Florida's largest private home insurance provider had asked to increase premiums by 28 percent. In a statement, State Farm Insurance spokesman Michael Grimes said the increase will help the company stay open for business.

"While the rate level approved by the Office of Insurance Regulation is less than we applied for, it is an important step in State Farm Florida's efforts to remain viable in this marketplace," Grimes said.

Grimes said the hike was needed to pay for losses because of the rising costs and losses from sinkholes and hurricanes.

Insurance Commissioner Kevin McCarty agreed an increase was warranted.

"The amended rate filings by State Farm accepted by our office today are reflective of both a rate need by the company as well as cost drivers in the system," McCarty said.

A total of 632,000 State Farm customers in Florida will be affected by the increase -- some more than others depending on location, risk and discounts. For the latest updates PRESS CTR + D or visit Stock Market news Today

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