FLORIDA - State Farm is awaiting a decision on its request to raise property insurance rates in Florida by almost 50 percent.

State Farm is the state's largest public insurer.

The company claims it will lose money if a hurricane struck Florida and it needs to increase rates to prepare for a storm.

State Farm's request came while the governor was on an overseas trade mission.

Governor Charlie Crist is asking for the request to be denied.

Charlie Crist /Governor: "I was shocked to see them request that high a rate increase. You know overall the average has been a 16 percent decrease in property insurance in Florida, in the last year and a half. And I think its appalling State Farm would ask that rate increase. I've sent a letter to commissioner McCarty to that affect and I hope that he will reject it."

A public hearing on State Farm's request will be held on August 12th.

State Farm Rate Increase