State Farm wins 18% Florida insurer rate rise
Florida regulators have permitted insurer State Farm to hike homeowner rates by an average of 18.8 percent across the state, according to reports.
This is less than the 27.7 percent increase State Farm wanted to implement but company spokesman Michael Grimes said it was still an important step towards remaining viable in the local market.
The regulator also approved a 62 percent increase in commercial residential rates after State Farm requested permission to levy a 95.7 percent increase.
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