Source: moneycentral.msn.com

State Farm, one of Florida's major insurers, would lift property insurance rates by an average of 52.7 percent this year under a plan accepted Tuesday by state regulators.

The company said that the higher premiums would let it to keep doing business in Florida in spite of predictions for more hurricanes.

State Farm said that increase costs for its own insurance against high claims is driving the increase, following two shocking hurricane seasons and forecasts for more of the same.

The state's top insurance regulator said he knew it will be hard for customers, but noted the increase was much smaller than State Farm initially sought.

The company had filed plans in May for what will have successfully been an average increase of nearly 80 percent statewide, but the Office of Insurance Regulation balked at that proposal.