State Farm

By: Associated Press
By: Associated Press

More than 900,000 State Farm policyholders in the state may face a rate increase.

State Farm Florida Insurance Company has requested a five percent increase on all its homeowner and condominium policyholders because of what they say are higher costs of doing business.

Chris Neal is a company spokesman. He says the hurricanes that hit Florida have increased the prices for building supplies as well as insurance that insurance companies buy to help cover catastrophe claims, or reinsurance. So he says the company wants to adjust its rates accordingly.

The rate request was filed Wednesday. If approved, a homeowner who pays an annual premium of $2,000 would see an increase of $100 a year once that policy is renewed.

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