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State Says NO to State Farm…Again

January 12th, 2009 by Mike Vasilinda

The state is saying no to State Farm Insurance. The company asked for a whopping 47.1 percent average rate hike on homeowners insurance. The hike was denied in August and the company appealed. Late this afternoon, the state invoked an administrative hearing judges formally denying the rate hike. In December, State Farm said it plans to shed about 170,000 Florida policy holders by 2010. Currently, 845 thousand homeowner are covered by State Farm.

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