Florida Allows State Farm to Scrap Some Insurance Discounts

State Farm Florida has been given the green light to eliminate some homeowners insurance discounts but the insurer must continue to offer discounts for storm mitigation steps taken by insureds unless it supports that change with more information.

The Florida Office of Insurance Regulation (OIR) has approved a State Farm filing to eliminate discounts for having more than one policy with the company, for installing home alert systems and for not having filed a previous homeowners claim.

The overall premium impact of the approved changes to the insurer’s current rating plan is 28.4 percent, according to the OIR.

Read Full Memo at External Site ยป

This entry was posted in Articles and tagged , , . Bookmark the permalink. Both comments and trackbacks are currently closed.
  • 14 years in business