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State Farm is awaiting a decision on its request to raise property insurance rates by almost 50 percent. State Farm is the state’s 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 Farm’s 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. I’ve sent a letter to commissioner McCarty to that affect and I hope that he will reject it,” said Crist.

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