State Farms Florida Customers See 50 Percent Increase In Insurance Rates
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State Farm has gotten approval from the state insurance regulators to raise the policy premiums 50 percent in Florida. The scary part is that State Farm was asking for a 79 percent increase and had to settle for the 50 percent bump. The rates will effect new and current customers.
The rates, more than a $1,000 increase on a $2,000 premium, are effective Aug. 15 for new customers and Nov. 15 on renewals. State Farm Florida first sought an average 79 percent increase when it asked for higher rates in May, but the company withdrew that request earlier this month.
State Farm officials have said they sought the rate increase to enable the company to continue to underwrite coverage in the state. Other companies also have sought rate increases.
Allstate Floridian has pursued a different strategy, dropping Florida customers to reduce its risk from hurricane damage. Allstate has plans to drop 350,000 home policies. In March, the company had 529,000 Florida homeowners’ policies.
Nationwide has a pending request to increase rates by 71 percent on the 261,000 policies it has in Florida. via The Quad-City Times Newspaper
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Comment by Pia on 24 October 2006:
Actually thhis morning I was watching the news and heard something about Allstate having legal problems for increasing their rates. Maybe thats not the right information but I over heard something related to that. Of course with all the hurracaines that hit in 2004 insurance companies want to increase their rates to be able to cover all the damages that the hurracaines left that year. I know one family that lost their home and got $350,000 and thats just one…
http://www.glgi.net
Comment by Paul on 23 August 2007:
Until we can elect a politician in Florida who REFUSES to accept bribes ~ oh, I’m sorry, I mean contributions, from ANY insurance company ~ We floridians will be continuously screwed.
We need competition and we need it NOW!!
Comment by Jeff Roman on 17 July 2008:
Check out the news today.
State Farm Florida is at it again in July of 2008. This time asking for a 47% increase.
It never ends with Florida homeowners insurance does it.
I used to be a State Farm Florida customer but found a way to get rid of them using this website:
http://www.homeinsurancebuyers.org
I’m fed up with Florida home insurance – anyone else?