Then they were grilled by regulators who want to know why the company thinks hurricanes will bankrupt the insurer.

"Why is it you take into consideration that there's going to be greater frequency, and you don't take into consideration that that's not correct?" said OIR General Counsel Steven Patron.

State Farm says they're not prepared to adequately protect its one million Florida policyholders if big storms hit. They want a 47.1 percent rate hike.

47 percent is the statewide average. In some Florida counties, the rate would go up almost 90 percent. Tina Risley has been a State Farm customer for 36 years. If the rate hike is approved, the insurance on her St. Petersburg home would go up 70 percent.

"I'm approaching retirement age and will I be able to maintain my home in St. Petersburg , or will i be forced to move out of the state?" said Risley.

State Farm says if the rate hike isn't approved, dropping policyholders is a possibility.

"We'll be reviewing all our options with what ever decision OIR makes," said State Farm Spokesman Justin Glover.

If the outcome was left up to Governor Charlie Crist, State Farm wouldn't get a rate hike.

"Zero, because the profits they've made nationally have been extraordinary," said Crist.

And whether or not an extraordinary storm can wash away those profits is up to regulators to decide.