TALLAHASSEE, Fla. (AP) - Florida's largest private homeowners
insurer - State Farm Florida - is planning to stop selling property
insurance in the state.

State Farm spokesman Chris Neal said Tuesday that slightly more
than a million customers will be affected, but said that none need
to worry immediately.

The Illinois-based insurer can't do anything before completing a
regulatory review in 90 days and is then prohibited by law from
discontinuing any policy before giving a six-month notice.

Neal said State Farm's 2.8 million auto customers in
the state are not affected by the company's decision.

In a statement, State Farm said it has been unable to obtain
regulatory approval from Florida officials on adequate rates for
its property insurance lines.


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Mike Location: Central FL on Jan 28, 2009 at 11:09 PM
    State Farm Agents make the average commission that most other carriers offer. The state of fl is an insurance nightmare & its obvious that the trend has been set and more carriers will be soon to follow.
  • by Jimmy Location: Central Fl on Jan 28, 2009 at 06:33 AM
    Deland State Farm Agent confirmed this morning that all past rate hikes were commissionable. That means the agent got his 10% off the rate hikes also, for doing what???? If they need the money to pay claims, why did they give the agents a raise also. According the their recruiter, an average SF agent nets approx 250K a year. Not only do they soak you on the homeowners, they have grossly over charged for the auto and the life is the real money maker, many many fees with their policies. Send SF packing with all their products.
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