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Article: State Farm Wins Bid to Increase Florida Homeowners Insurance Rates.(Knight Ridder/Tribune Business News)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- July 7, 2000
- Author:
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Jul. 7--After a three-year reprieve, State Farm customers will see their homeowners insurance rates go up again, this time an average of 7 percent.
State Farm, which covers a third of Florida's insured homeowners, won the rate hike despite objections from state regulators. Insurance Commissioner Bill Nelson had rejected the rate request last year because it was based on computer projections, but an arbitration panel overruled him last week in a 2-1 vote.
Regulators said Thursday they don't know exactly how many of State Farm's 938,540 Florida customers will actually feel the pinch. The 7 percent increase is a statewide average; actual rate hikes could ...