Posted on 01/27/2009 8:44:22 AM PST by Fawn
State Farm Florida is pulling out of the homeowner insurance business in Florida, the company said this morning, in a surprise move that will leave more than 800,000 policyholders without coverage and will cause almost certain turmoil in the Florida insurance marketplace.
"Faced with steeply declining resources to cover future claims and expenses, State Farm Florida has little choice," said Jim Thompson, president, of State Farm Florida. ''This is not an action we wanted to take, but one we must take given the realities of the Florida property insurance market.
"We regret the impact this will have on our customers, employees and agents in Florida," he added.
Thompson said the plan requires regulatory review, and State Farm Florida will not begin dropping policies under the plan until that process is complete. Florida, however, has no law on the books that would prevent State Farm from leaving the state's homeowner insurance market.
State Farm Florida emphasized that it was submitting a two-year plan that seeks to limit disruptions for customers, and if approved, will allow them time to find coverage with other insurers.
State Farm is Florida's largest private homeowner insurer, second only to state-sponsored Citizens Property Insurance Co.
State Farm is also Florida largest automobile insurer with more than 3 million policies. The company says it will continue to offer auto coverage. However, a 2007 state law pushed by Gov. Charlie Crist prevents insurers from offering only auto policies if they offer both auto and homeowners in other states.
“Please try to keep up with regional issues before you open your piehole and grace us with your wisdom.”
ROTFL ... what I know is six major hurricanes in this decade alone pummeled Florida ... and those homeowners who voluntarily elected to own property there are somehow surprised and upset insurance rates in Florida have skyrocketed. Many so called conservatives remain ignorant of the fact companies need to charge rates appropriate for the risk they are taking on — or they leave the market.
State Farm customer for about 10 years, hail storm moved through town, everyone is getting their roofs, cars, siding repaired...SF denied me.
Dumped ‘em.
Got someone else to come in to replace the roof and they went to SF to reimiburse them.
RE: people who live in FL.
Why would you want to live in the dick of America anyways? Aint nothing but the fake Disney there.
As a Floridian whose homeowners insurance is currently through State Farm this news is distressing to say the least. If I am forced to go through Citizens becuae no private insurers will write policies in the State, my Insurance bill will more than double in price. Citizens didn’t run SF out because it was beating them in price that’s for sure.
“We also had Travelers. Good company to deal with. Had an adjuster out in less than a week, had check in hand four days later. Enough not only for replacement roof, but also to upgrade to 30 year shingles.”
We had Travellers. They seemed fine until we had a second claim. Then they booted us. Neither claim was extravagant. We would have gladly paid the second if they would have said they were going to terminate our policy. It was rather annoying.
The now dominant Florida Socialist homeowners insurance (Citizens Property Insurance Co.) is atrocious coverage for super-expensive prices.
America under the democrat party and democrat media yoke: a nation longing to break free.
“You don’t need private home owner’s insurance. The gubmint will take care of you...”
As well as your mortgage...
Which is just about the same thing Crist said when he heard the news.
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