Florida Farm Bureau will withdraw its rate filing and prepare a new rate filing to address any and all of Florida regulators’ concerns, according to a company announcement.
The Florida Office of Insurance Regulation notified Florida Farm Bureau Casualty Insurance Co. and Florida Farm Bureau General Insurance Co. within hours of its July 30 rate hearing, of its intent to disapprove its homeowners multi-peril rate filing submitted in June.
FFB says the company cannot certify that its current rates are adequate as it is required to do so by Florida statute. Company officials said after viewing the state’s shop and compare Web site, Farm Bureau’s premiums are “competitive statewide and far lower than most other companies.”
Source: Florida Farm Bureau Group
Topics Florida Agribusiness Homeowners
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