State Farm eliminates alarm discounts for Florida residents

Florida OIR approves request from insurance company to eliminate discounts


ATLANTA, Aug. 11 - According to the National Burglar and Fire Alarm Association, the Florida State Office of Insurance Regulation has approved a request from State Farm Florida to eliminate discounts it previously provided to its customers for having monitored alarm systems on their property.

In addition, the OIR also approved the elimination of history of low claims and multi-policy discounts. In total, the removal of these discounts amounts to a 28.4 percent rate increase for State Farm Florida customers.

These changes are slated to take effect on Nov. 1 for new customers and on Dec. 1 for renewing customers, according to a statement issued by the non-profit organization.