State Farm Seeks 67% Rise In Homeowner Rates

[flvegan]

TAMPA - State Farm Insurance is asking regulators for permission to raise homeowner rates an average of 67 percent statewide, up from its original request of 47 percent.

The original request was rejected in August by Insurance Commissioner Kevin McCarty. The new request comes amid State Farm's appeal before Administrative Law Judge Daniel Manry, who is expected to issue a ruling this month.

State Farm, Florida's largest private insurer, has nearly 100,000 homeowner policies in Hillsborough and Pinellas counties.

In papers filed with the Department of Administrative Hearings, State Farm said it originally asked for a 47 percent increase "in order to obtain quick approval." However, the company has maintained it needs a 67 percent increase "to be better able to pay the claims of its customers and maintain an adequate surplus to pay claims in case of a catastrophic event."

http://www2.tbo.com/content/2008/dec/12/sp-state-farm-seeks-67-rise-in-homeowner-rates/news-money/

The screwing of Floridians continues.