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State says it will reject State Farm's 47 percent rate hike

Florida Insurance Commissioner Kevin McCarty just announced that his office will reject the massive rate hike sought by State Farm. The company requested an average increase of 47 percent that would have meant rate hikes of as much as 63 percent or $8,300 in Dade County.

Deputy Commissioner Belinda Miller said that after the Aug. 12 public hearing and the subsequent review of State Farm's request, they determined the company couldn't justify the increase. State Farm now has 21 days to appeal. Download news_release_florida_office_of_insurance_regulation_issues_notice_of_intent_to_disapprove_proposed_rate_hike_for_state_farm_florida.htm