Sun Sentinel reports: State Farm Florida Insurance Co. now wants a 67 percent average statewide property insurance rate increase, months after Florida Insurance Commissioner Kevin McCarty said he would reject the insurer’s proposed 47 percent rate boost.
No hurricanes in two years…yet they want more money. Last September, state regulators forced Srm State Farm to refund $120 million to policyholders and pay the state a $1 million fine to make up for discounts it should have provided for hurricane-resistant homes.
Let’s hope the state rejects this request. Read more.