State Farm wanted even bigger hike

The rate hike requested by State Farm could have been worse, according to State Farm. Check out page 5 of this document, where State Farm tells regulators they really need a 67.6% hike but only asked for 47.1%. (State employees underlined paragraphs on the records.)

By most accounts, the odds are remote that State Farm will win approval to raise homeowners insurance rates an average of 47.1 percent statewide. So what's really going on here? More precisely, as some state officials suggest, is Florida's largest private insurer asking for such a large increase so it has an excuse to drop far more than the 50,000 policyholders it is currently shedding? Read the story here.

Comments

Since time began, the insurance companies have always asked for more than they expected to get. Only a completely naive reporter would think that this was news.

Change the law back to the way it was before Bill Nelson allowed the pups! We cannot afford to continue this way!

Require insurance coverage for outstanding mortgage balance only.

Require insurance companies to re-pay all premiums (with interest) to customers they choose to drop or non-renew, provided said customers have made no claims.

Problem Solved!

[Ima Fedup]

The "Good Hands" folks want one on your wallet too!!!

Oh thank you State Farm for not really sticking it to us... thank you, thank you, thank you...

How did my agent show me how to do this... lets see, yes, i remember, touch my toes, it hurts less....

P.S. you should have left that out of your filing...

insurance is a scam. they take your money and invest it. if you don't have accidents you should get back interest on it.

i dont know -- how about we have insurance like the rest of the world instead of this 'you must buy it and we will rip you off while you do' crap we have to put up with.

Shame on you Mark Delegal. What kind of rates is State Farm giving you?