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.