We want to make you aware of a Florida insurance change brought to our attention by Gary Franklyn of Security Networks in West Palm Beach, FL. While this change only affects Florida, we thought our entire membership would benefit from knowing about this issue.

The Florida State Office of Insurance Regulation (OIR) has approved a request from State Farm Florida to eliminate many of the discounts the company offers to its policy holders including the discount for having a monitored alarm system on the property. Other discounts being cut include history of low claims and multi-policy discounts. In all, according to the OIR, the removal of the discounts amount to a 28.4 percent rate increase for State Farm Florida customers. (Read the office’s approval letter.)

The changes will take affect beginning November 1 of this year for new customers and December 1 for renewing customers. State Farm Florida states it will send renewal letters 100 days in advance of policy renewals, informing customers how their premiums will change under the new policy.

Currently, only State Farm Florida has requested this change in policy.