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State Farm asked Florida insurance regulators for a 47 percent increase on its homeowner's insurance policies in the state. The Illinois-based company says the increase is necessary to continue doing business in Florida. Director of Communication for the Florida Office of Insurance Regulation, Ed Domansky, says his office is thoroughly reviewing the file. Domansky adds the office has 90 days to complete the review and the process will determine if the proposed rate is adequate. A public hearing will take place in Talahassee next month where the public can voice their opinions on the issue. Domansky says if the rate increase is deemed fair, State Farm indicated in their filing that they hope it will take effect in March 2009.