An actuary in the state consumer's advocates office blasted State Farm's request for a 47.1 percent average rate increas, saying the request is not based on likely losses from future hurricanes, but a desire to recoup money it paid out after the 2004 storms.
Stephen Alexander, of the consumer advocate's office, says that if the company used the same reinsurance provisions today that it used in 2004, it would actually need to reduce rates by 39 percent. He will ask regulators to reject the rate hike, which would affect 100,000 around Tampa Bay.
Thank God someone is watching after us Floridians. We are already pressured by the prospect of future hurricanes and rising homeowner's insurance.
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Mom's insurance is through the mortgage company but they are bogus.
I hate State Farm
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