State Farm Requesting Rate Increases for Property Insurance

State Farm Insurance Company has asked the state of Florida for a 67 percent average increase in statewide property insurance. This is the second request this year – the first which was for 47 percent. State Farm’s previous request was denied.

The company, according to an article in the Sun Sentinel, has lost revenue due to a state law that requires the insurer provides reduced rates to policyholders who hurricane proof their residences. The number of policyholders who updated their homes to qualify for the discount increased from about 112,000 to 264,000 in about two years.

A ruling is expected this week to determine whether State Farm will be given the rate increase or not. To see the full story and for more information, please click here.

The law firm of Balkan & Patterson, LLP is experienced in insurance bad faith claims and insurance litigation. Our personal injury law firm is based in Boca Raton, Florida, and has a satellite office in Broward County. For more information, please visit our website at

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