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Article: Arbitration Panel in Florida Approves Homeowners Rate Hike for State Farm.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 16, 2002
CopyrightCOPYRIGHT 2002 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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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 ...