state farm to increase rates in florida

State Farm To Increase Rates in Florida

Jacksonville Florida Homeowners Insurance News

The large homeowners insurance company, State Farm of Florida,  has just requested a 28 percent increase on homeowners insurance rates due to many sinkhole claims in the Sunshine State. This request comes as many Florida lawmakers are trying to fix the sinkhole issue occuring in the state.  There will be a legislative session which convenes March 8, 2011 to try and come up with a solution for the rising costs of homeowners insurance in Florida. 

Forida State Farm spokesperson Chris Neal recently said that the push for the rate request is the rise in the insurer’s non-catastrophe losses, which have increased by over 90 percent over the last few years. By far, he said, the majority of that increase is due to the rise in sinkhole losses. In 2007, the carrier paid out just $47 million in sinkhole claims, a figure that has increased steadily with the carrier paying out over $119 million in the first three quarters of 2010.

Read more today at:  http://www.insurancejournal.com/news/southeast/2011/02/01/182926.htm

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