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Article: State Farm Insurance Given Permission to Raise Rates in South Florida.(Knight Ridder/Tribune Business News)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- July 9, 2000
- Author:
CopyrightCOPYRIGHT 2000 Knight-Ridder/Tribune Business News. 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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Jul. 9--In South Florida, where State Farm already charges its highest rates for homeowners policies in the state, customers soon will begin paying as much as 9.2 percent more for their insurance.
An arbitration panel awarded State Farm a 7 percent statewide average increase, based largely on computer projections for future hurricane losses. Florida Insurance Commissioner Bill Nelson, disputing the use of the computer projections, rejected the $35 million a year rate increase but was overruled by the arbitrators.
State Farm's 938,540 Florida customers will face hikes that vary greatly county by county. Homeowners with similar bills today could wind up ...