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State Farm's Rate Increase Rebuked
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Published: January 13, 2009
TALLAHASSEE - The state insurance commissioner has again denied State Farm Florida's proposed 47 percent rate increase for property coverage against hurricanes and other perils.
Commissioner Kevin McCarty issued a final denial Monday.
McCarty previously denied the increase but State Farm appealed.
An administrative law judge then also denied the increase, sending the matter back to McCarty.
The Florida-only affiliate of Illinois-based State Farm Insurance Co. now has 30 days to take the case to the 1st District Court of Appeal.
A State Farm spokesman said no decision has yet been made but the company will look strongly at that option.
The Associated Press
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