State Farm wins Florida OK to drop some discounts
(AP:TALLAHASSEE, Fla.) State Farm is eliminating some of its discounts for property insurance customers in Florida.
State Farm won approval from Florida insurance regulators Thursday to reduce its discounts, in effect allowing the company to increase premium rates by 28.4 percent.
The Illinois-based insurer can now drop discounts on multipolicy owners, those with a few claims and for homeowners who upgraded their plumbing. Regulators said those discounts are not required by Florida law.
State Farm announced plans earlier this year to leave the property insurance market in Florida, contending it is a money-losing proposition that threatens its viability. The company still offers its auto, health and life products in the state.
Copyright 2009 The Associated Press.