State Farm Florida Raises Home Insurance Rates

State Farm Florida Raises Home Insurance RatesThe third largest insurer of homes in the US, State Farm Florida, has been approved for an average 6 percent rate increase on its home insurance policies. The average home insurance rates will increase for up to 6.4 percent for owners of houses and 6 percent for renters insuring their belongings.

Due to higher risks of having hurricanes, South Floridians typically pay higher rates for home insurance than residents elsewhere in the state.

Lynn McChristian from Institute’s Florida representative said that “Home insurance rates have been soaring in Florida in recent years for several reasons: rising costs to rebuild homes, higher prices for re-insurance and a hurricane history that has proven this to be a very unprofitable market for property insurance”.

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