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Rate Hike Denied

August 5th, 2008 by flanews

An insurance companys request for a double digit rate hike will likely be denied. The Florida Department of Insurance Regulation released a notice of intent to deny Farm Bureaus request for a 28 percent rate increase. The company says it needs the rate hike to pay claims if a major hurricane hits Florida. OIR Spokesman Ed Domansky said the insurer didnt provide enough evidence to support its claim.

After a through and careful review of the Farm Bureau rate filing by the Office of Insurance Regulation it was determined that Farm Bureau failed to adequately document the rate that it was requesting, said Domansky.

Farm Bureau has 21 days to request another hearing.

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