State Farm Florida Insurance Co. has requested a 5 percent increase on all its homeowner and condominium policyholders due to what the company calls, higher costs of doing business. State Farm has more than 900,000 policyholders in Florida that will be faced with the increase if the state approves.
The increase in policy costs was attributed to increasing prices for building materials in Florida. Chris Neal, a State Farm spokesman, said that the increase in cost was also due to a hike in reinsurance costs.
The request to increase rates went to the state this week. If approved a policyholder who now pays $2,000 per year would pay an additional $100 when the policy is renewed.
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