State Farm, Fla. Settlement Calls For Rate Increase

Law360, New York (December 16, 2009, 6:34 PM EST) -- State Farm will continue to be a property insurer in Florida after reaching a settlement with the state's insurance commissioner that allows the company to hike homeowner rates by 14.8 percent.

The deal announced Wednesday also allows State Farm to not renew up to 125,000 of its 810,416 residential property policies, Florida Insurance Commissioner Kevin McCarty said. Once the company ends those policies, it still will be the largest private property insurer in Florida.

"This agreement is the product of a long and arduous negotiation process,”...
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