State Farm Florida can eliminate or reduce discounts, state says

State Farm Florida can eliminate or reduce some discounts it offers policyholders, state regulators announced Thursday, increasing premiums for homeowners as much as 28.4 percent. The decision by the Office of Insurance Regulation will bring in $278 million in additional premiums for the company after all policies come up for renewals starting Dec. 1, agency officials say. However, State Farm can't reduce the credits it offers home­owners for installing wind-mitigation features such as storm shutters, impact-resistant windows and doors, or reinforced garage doors to protect a home against violent weather. Had State Farm been allowed to get out of mitigation discounts, that would have meant an additional 13 to 17 percent increase for its policyholders.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email