State Farm Can't Hike Homeowners Rate: Fla.

Law360, New York (January 14, 2009, 12:00 AM EST) -- The Florida insurance commissioner has rejected State Farm Insurance Co.'s request to raise its rate for homeowners insurance in the state by an average of almost 50 percent, ruling that the insurer failed to prove that the rate is not excessive or unfairly discriminatory.

In a final order issued Monday by Florida's Office of Insurance Regulation, Florida Insurance Commissioner Kevin McCarty affirmed the December ruling by an administrative law judge that officially disapproved State Farm Florida's requested rate increase.

“We feel strongly that this supportive decision...
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