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State Farm insurance rate increases

State Farm Insurance, a Florida insurance company is canceling some insured’s homeowners policies due to an increased cost of weather related claims.

In fact, State Farm has not written any new homeowner’s policies in the state of Florida since 2005 also the Office of Insurance Regulation said these are the average increases for the following counties:

• Duval County 15.5%
• Clay County 17%
• Baker County 16.6%

State Farm has issued 632,000 personal, commercial and residential insurance policies statewide.

According to a report in the Sun Sentinel, some South Florida residents saw their homeowners insurance premiums jump from $2,246 a year to $8,524.

Don Westerfeld 6/7/2011 9:04:00 PM