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Crist Calls State Farms Request Appalling

July 29th, 2008 by flanews

State Farm is awaiting a decision on its request to raise property insurance rates by almost 50 percent. State Farm is the states largest public insurer. The company claims it will lose money if a hurricane struck Florida and it needs to increase rates to prepare for a storm. State Farms request came while the governor was on an overseas trade mission. Governor Charlie Crist is asking for the request to be denied.

I was shocked to see them request that high a rate increase. You know overall the average has been a 16 percent decrease in property insurance in Florida, in the last year and a half. And I think its appalling State Farm would ask that rate increase. Ive sent a letter to commissioner McCarty to that affect and I hope that he will reject it, said Crist.

A public hearing regarding State Farms request has been scheduled for August 12th in Tallahassee.

Posted in Housing, Hurricane Season, Insurance, State News | 1 Comment »

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