Florida insurance officials will hold a public hearing tomorrow on State Farm Florida Insurance Co.’s proposed double-digit rate increase for its rental dwelling line of business in the state.
State Farm Florida is asking for a statewide average rate level increase of 35.1 percent. The proposed change would result in an average premium effect of +25.6 percent.
The reason for the difference between the rate change and premium effect is that the company has also requested to eliminate all flat deductibles and create minimum deductibles of 2 percent for hurricane and 1 percent for all other perils, according to the Office of Insurance Regulation.
The hearing is scheduled for 9 a.m. in Tallahassee at the OIR at 200 East Gaines Street.