TALLAHASSEE - The state refused to approve State Farm Florida's proposal to raise its mobile home insurance rates by an average of 57.8 percent and by nearly 200 percent in some counties.
The state Office of Insurance Regulation said State Farm's request did not support the need for the increase. It notified the company of the decision Monday.
"We have carefully reviewed the data and material State Farm Florida had submitted to support their request, in addition to holding a public hearing on the matter. We have determined that the rate increase is not justified," said office director Kevin McCarty.
State Farm has 21 days to appeal the decision and may apply the increase until an outcome is determined. If it loses the appeal, it would have to refund any excessive charges.
"We are disappointed that the state decided to reject the increase that we filed because we believe that it is justified," said State Farm spokesman Tom Hagerty. "We're going to need to take a little time to review the situation and decide what direction if any we're going to go in."
