State Farm Requests 8.6 Percent Statewide Rate Increase in Fla.

An 8.6 percent statewide increase and 37.9 to 39.7 percent increases in the coastal section of Miami-Dade County and inland sections of Broward County, Fla. have been requested by State Farm Insurance. The request cited higher rebuilding costs and higher non-catastrophic claims.

Homeowners in west Dade County and west Broward County will be the exceptions, with no increases in their rates.

State Farm’s request has to go through state officials before it will take effect. The company hopes to charge the higher rates on new policies Jan. 1 and renewals on March 1. The Florida Office of Insurance Regulation has 90 days to review the requests.

State Farm has more than 925,000 policyholders in Florida. It insures one out of every five homes. The company was granted a flat 5 percent increase last December.