State Farm approved to raise Florida home insurance rates 6 percent

Friday, September 28, 2012

Ponte Vedra Beach, Florida – State Farm Florida Company is the third largest insurer of houses in the state.  It looks like their rates are going up again!  On average, State Farm rates in Florida will go up by  6 percent this year.  If you have a home insurance policy with State Farm, it might be time to start shopping again to find a better rate.  If you want to compare all of the top rated carriers in Florida, give us a call today at 1-800-554-9142 and we will make it easy for you to find a policy that saves you money.

State Farm has been increasing their rates steadily in Florida since 2009.  This is the fifth rate increase that was approved by the state in the last three years.  In many instances, State Farm clients will also have to review higher deductibles for their Florida home insurance policy.  It looks like some of the out-of-pocket expenses for claims will be rising from $500 to a minimum of $1000 on the majority of homes insured by State Farm.   This increase was recently approved and posted by the Florida Office of Insurance Regulation.

We all have been following Citizens Property Insurance their proposed rate increase of 10 percent.  Citizens, the largest insurance company of homes in Florida, are looking for creative ways to make the Florida marketplace better.  We will see what the state and Citizens comes up with in the near future for FL homeowners. 

State Farm initially asked for even higher rates in Florida, asking for a 15 percent increase in premiums on average.  Have you received your letter of increase from State Farm yet?  If not, I’m sure it will be on the way very soon.

Florida homeowners insurance rates have been skyrocketing over the past several years.  Many of the reasons include, inflation on the costs to rebuild houses, increases in re-insurance premiums and a “hurricane history that has proven this to be a very unprofitable market for property insurance, “ said Lynn McChristian, the Institute’s Florida representative.

It doesn’t matter whether you have State Farm, Citizens, or any other carrier in Florida.  We can help you save time and money when it comes to insurance.  Give us a call today for a FREE policy analysis, 1-800-554-9142.

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