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.
Topics Florida Pricing Trends State Farm
Was this article valuable?
Here are more articles you may enjoy.
Billionaire NFL Owner Suing Over Billboards Near His LA Stadium 
Berkshire Hathaway Raises New CEO Abel’s Salary to $25 Million 
Is the AI Boom a Bubble Waiting to Pop? Here’s What History Says 
Nearly Half of 100 Largest P/C Insurers Destroy Value: ACORD 
