STATE FARM HIKES FLA. HOMEOWNER RATES 5 PERCENT:

State Farm Florida Insurance Co. has requested permission from the State Insurance Commission to increase rates 5 percent on all its homeowner and condominium policies due to what it calls, the higher costs of doing business, including increasing prices for building materials. The new rate increase will affect more than 900,000 policyholders. Chris Neal, a State Farm spokesman, said the increase in cost was also due to increased reinsurance costs.