Fla. insurance companies seek to limit discounts - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Fla. insurance companies seek to limit discounts

MIAMI (AP) - Some Florida insurers are trying to limit the

amount of discounts residents can get for hurricane shutters and

other storm mitigation improvements.

State Farm asked for a 47 percent rate increase last year,

citing the cost of those discounts as a main factor. Their request

was denied, but the state has agreed to review how discounts are

calculated. Tallahassee will host the first public meeting on the

subject Wednesday.

The discounts have been around since 2003, but they didn't

become widely used until four years ago, after devastating

hurricane seasons sent premiums skyrocketing. Insurance

Commissioner Ken McCarty ordered the discounts be doubled in 2006

because rates were rising so much.

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