State Farm Seeks 47% Hike

TAMPA -

The state's largest, private home insurer is seeking a 47 percent increase in premiums from its Florida customers for the coming year.

State Farm insures roughly one million homes in the state. The company has stopped writing new policies and is not renewing insurance for another 50-thousand homeowners.

But, the Illinois-based company says it needs to do more to stabilize its Florida operations.

A spokesman for the Office of Insurance Regulation, Ed Domansky, says the requested 47 percent hike is a statewide average.

'Some policy holders could see increases that are significantly greater, Domansky says.

A public hearing for State Farm is set August 12th in Tallahassee.

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