Article: Arbitration Panel in Florida Approves Homeowners Rate Hike for State Farm.

By Michele Chandler, The Miami Herald Knight Ridder/Tribune Business News

Oct. 16--An arbitration panel has approved a rate increase averaging 22.3 percent this year and next for Florida customers with State Farm homeowners insurance coverage.

South Florida will see even higher increases -- an average of 28.5 percent in Broward County and 27.4 percent in Miami-Dade County.

The panel voted 2-1 Monday to allow the boost, with one restriction -- that State Farm can't raise the rate for any homeowner by more than 42.5 percent in a single year.

Florida regulators had asked the company earlier this year to cap any future increases for ...

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