State Farm denied 47 percent property insurance rate hike

Florida insurance regulators Monday told State Farm Florida that it couldn't raise property insurance rates. The state's largest private property insurer had requested an average 47.1 percent increase. During a rate hearing two weeks ago, Office of Insurance Regulation staffers skeptically questioned the company's reports that it lost revenue because the Legislature forced it to double discounts for policyholders who harden their homes.

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