Florida Treasurer and Insurance Commissioner Tom Gallagher rejected in late June a request by State Farm to raise homeowners insurance rates by 22%. State Farm, the largest writer of homeowners policies in Florida, also was denied a 132% rate hike affecting owners of condominiums and apartment buildings."State Farm proposed rates that are unwarranted and beyond reasonable," Gallagher said.
State Farm received a statewide average increase of 6.4 percent in 2001. The Department of Insurance approved another 14.3 percent average increase for the company in January, based on a recent trend of losses.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access