State Farm fighting to raise rates - Fox29 WFLX TV, West Palm Beach, FL-news & weather

State Farm fighting to raise rates

Posted by Rachel Leigh email

(WFLX) - State Farm Florida still fighting to raise rates for homeowners despite being denied by the state's insurance commissioner.

State Farm wants to raise homeowners rates by an average of 47.1 percent. The insurer says it needs the increase to pay for future hurricane losses and make up for discounts given to customers who added storm shutters and took other steps to make their homes more resistant to wind damage.

Their request was denied in August because the state said the company failed to justify an average increase of that magnitude.

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