TALLAHASSEE, Fla. (AP) - State Farm is seeking a 47.1 percent
rate increase in homeowners' policies in Florida.
The Illinois-based company is the largest private homeowners'
insurer in Florida with roughly 1 million customers.
State Farm spokesman Justin Glover says the company has spent
roughly $1.20 for every dollar collected in premiums in Florida
since 2000 and the big increase was necessary to stabilize its
Florida operation.
A spokesman for the state Office of Insurance Regulation says
the filing is being thoroughly reviewed and that a public hearing
on the State Farm filing will be held next month.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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