Tallahassee, Florida – As State Farm Florida files a request for a 47-percent hike in homeowners' insurance rates, it faces some skeptical state officials. Margie Menzel reports.
State Farm claims its filing is necessary because it's paying out $1.20 for every dollar it takes in and expects the discrepancy to grow. The Office of Insurance Regulation is reviewing the filing, and has scheduled a public hearing for next month. Chief Financial Officer Alex Sink, for one, will be watching to see if State Farm can justify its request.