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State Farm gets to cut discounts

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The Tampa Tribune

Published: August 8, 2009

TALLAHASSEE - State Farm is eliminating some of its discounts for property insurance customers in Florida.
State Farm won approval from Florida insurance regulators this week to reduce its discounts; in effect, allowing the company to increase premium rates by 28.4 percent.

The Illinois-based insurer can drop discounts on multipolicy owners, those with a few claims and homeowners who upgraded their plumbing. Regulators say those discounts are not required by Florida law.
State Farm announced plans this year to leave the property insurance market in Florida, contending it is a money-losing proposition that threatens its viability. The company still offers auto, health and life products in the state.

The Associated Press

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State Farm gets to cut discounts

The Tampa Tribune