State Farm Florida has been given the green light to eliminate some homeowners insurance discounts but the insurer must continue to offer discounts for storm mitigation steps unless it supports that change with more information.
The changes could effectively raise State Farm’s rates 28.4 percent overall.
The Florida Office of Insurance Regulation (OIR) has approved the insurer’s filing to eliminate discounts ranging from 5 to 20 percent for having more than one policy with the company, for installing home alert systems and for not having filed a previous homeowners claim.
However, requested changes to State Farm Florida’s mitigation credits have been disapproved. According to the OIR, while an alternate mitigation credit is allowable under Florida regulations, such credits must be supported by a “detailed study” that State Farm Florida did not include with its filing. OIR said State Farm Florida can refile for consideration of any changes to its mitigation credits.
The approved changes to its discount plan are effective Nov. 1 for new business and Dec. 1 for renewal business.
After being denied what it says are necessary rate increases, State Farm announced plans to withdraw from the state’s property insurance market but its withdrawal plan has not yet been approved.
Topics Florida Homeowners
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