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Article: Homeowners in Florida to Be Hit with State Farm Rate Hikes.
- Article from:
- South Florida Sun-Sentinel (Fort Lauderdale, FL)
- Article date:
- August 7, 2002
CopyrightCOPYRIGHT 2002 South Florida Sun-Sentinal. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Glenn Singer
Aug. 7--State Farm Florida Insurance Co. homeowner policyholders will have to pay premium increases averaging some 30 percent in South Florida unless a three-member arbitration panel decides the increase is unwarranted, state officials said on Tuesday.
State Farm chose to go to arbitration to win approval of a rate hike for its 980,000 homeowner policies in the state rather than accept a denial issued in late June by Insurance Commissioner Tom Gallagher. The company had filed for increases that average 22 percent statewide.
After Gallagher's decision, Florida's largest property insurer said it would no longer sell new ...