TALLAHASSEE- Insurance giant State Farm is back before Florida insurance regulators asking for significant increases in homeowners premiums.
State Farm Florida presents its case at a public rate hearing Tuesday. The insurer seeks a hike of nearly 28 percent in homeowners policies. The company is also asking for a hike of nearly 96 percent for coverage that protects against multiple perils for businesses and homes or combines property and liability coverage in one policy.
Multiperil coverage could also include protection against sinkhole claims, which have exploded in recent years at a great cost to the insurance industry.
State Farm is the largest private property insurer in Florida. State-backed Citizens is the largest.
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