FLORIDA - State Farm executives are defending their request for a 47 percent rate hike.

The company asked state regulators for a rate increase this summer. The Florida Office Of Insurance Regulation turned them down.

Today both sides met in front of a state administrative judge.

State Farm Spokesman Michael Grimes says the company has to raise rates to prepare for a huge storm.

Michael Grimes/State Farm Spokesman: "We need to stabilize our financial condition in order to be able to continue to protect our customers from losses. We realize this is a difficult situation for our customers and State Farm Florida, but it's the only responsible choice."

State regulators say the hearing could last all week. State Farm Rate hike