State Farm latest Insurance Company to raise rates by Mitch E. Perry07/20/06
Yesterday State Farm became the latest insurance company in Florida to raise home insurance ratesÃ¢â‚¬Â¦..Statewide, the increase will be 53% - and is actually much higher in some local areas Ã¢â‚¬â€œ such as Collier County, where rates will rise by about 90 percent on November 1st for existing customers.
New customers will start paying higher rates beginning September 1st.
Renters Insurance will increase 19% statewideÃ¢â‚¬Â¦.State Farm sells policies to about 23% of FloridaÃ¢â‚¬â„¢s Property Insurance holders.
The property insurance situation in Florida many say is reaching crises level. In the Democratic race for Governor, both Jim Davis and Rod Smith have come out with detailed plans to try to address the situation.
State Democrats have criticized the insuance reform bill passed by the state legislature and signed by Governor Bush earlier this year. But Marco Rubio, a West Miami Beach Republican who will be the Speaker of the House next year, says that criticism is unfair (roll tape#1 o.q.Ã¢â‚¬?is what we needÃ¢â‚¬?)
ThatÃ¢â‚¬â„¢s Miami Republican House member Marco RubioÃ¢â‚¬Â¦heÃ¢â‚¬â„¢ll be Speaker of the House in next yearÃ¢â‚¬â„¢s legislature.