Category: News Author : JR Posted: January 27, 2009
Tags : homeowners insurance florida, homeowners insurance quotes, state farm florida, state farm insurance
State Farm has announced plans to discontinue all of its homeowners insurance policies in the state of Florida. The company says the state’s rejection of its 47 percent rate hike proposal left it no choice but to back out of the market.
State Farm Insurance Drop: Who’s Affected
The State Farm Florida homeowners insurance decision still has to be reviewed before any change can take place. If approved, all Florida State Farm customers with homeowners insurance and renters insurance would be affected. Condo owners, personal liability, boat, personal articles, business property, and liability policies would also be discontinued. In all, about 1 million customers would lose their policies. Florida auto insurance and life insurance plans through State Farm would not be affected.
[Full list of impacted insurance lines (PDF)]
State Farm Shift: What’s Next
State Farm’s review will happen in 90 days. If the proposal is approved, the company would then have to give all customers a six-month notice before discontinuing plans. State Farm say it is “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.”
Florida Governor Charlie Crist has already responded to the move, saying State Farm’s rates were already high and that “Floridians will be much better off without them.”
Crist suggested current State Farm property insurance customers visit the official state Web site, shopandcomparerates.com, to locate new coverage.
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Jan 27, 2009
So, ” Florida auto insurance and life insurance plans through State Farm would not be affected. “
Um, do they really think they are going to keep the rest of my business after they drop my homeowners policy?
Surely they can't be that dense.
Jan 28, 2009
State Farm insured for over 41 years now have 2 homes, 2 rentals 2 cars and a boat with them if they pull out …I will do without insurance before letting them insure my cars they are a..holes….
Feb 6, 2009
If SF rates are too high, residents should simply switch carriers on their own. The problem is, many of these carriers are relatively new and small. They haven't been “Hurricane Tested”. Charlie Crist shouldn't make this decision for Floridians. He should protect his constituents from unfair rate hikes while helping SF find a way to remain solvent in a manor that is fair. Let the policy holders make the decision. Many might choose to pay higher premiums with SF to acheive a greater sense of mind. If they choose to switch carriers, then the reduction of SF will happen naturally. Obviously SF executives haven't made high enough campaign contributions or this would be a non-issue. Charlie Crist should either find a way to keep SF as an option for Fla. residents or find another state to flex his power. Come on Charlie, wake up and work for your constituents.
Feb 10, 2009
I think its wrong of state farm to do its customers this way.. People need to withdraw everything from state farm if they do this……..Think of all the years we didn't have hurricanes…what happened to all the money, I know they don't pay near enough for claims either…..
Feb 17, 2009
I agree with you 100%. I was fortunate to have my homeowners with another co during the hurricanes and I'm still with them. Although I have 2 vehicles and a boat with them but I'm shopping around now. If they can't insure my boat they don't need my vehicles !!
Feb 20, 2009
I have been with SF for 27 years with no claims, but if they drop my home owners insurance, I will drop both my cars and Flood insurane with them. They get a commission from the government to write flood insurance, but they will not get the one from me.
Feb 27, 2009
This is really an interesting question that what to do now? Let me answer this honestly: I have no ideas at all, even I am confused at the moment!!! All we can do is wait for some more time, I am sure there will be some respite soon.
Mar 18, 2009
We still have lots of insurance companies willing to insured homes in Florida, for more info call 305-597-8771.
Jul 27, 2011
Wait a second… why do people in Florida get SIX MONTHS' advance notice, and we folks on Long Island get 45 DAYS? That's not fair. It's just as hard for us to find a company that will insure us here on LI as it will be for people in Florida. My house is exactly where it was when State Farm wrote my policy… how can it "suddenly" be "in a hurricane zone"?
And why couldn't they just man up and say "we need more money" rather than just dropping our policy? I would have been willing to pay more to keep my existing policy in effect, rather than have to go through this headache with barely a month to find another insurance company… who I will have to pay more to in the end, anyway. It's a crappy way to treat good customers.
They hounded us for two months, calling my house three times a week trying to get me to switch our car insurance over to State Farm. They charged more than the company I'm currently using, so I said no. The following week, we got cancellation notices in the mail.
I filed a formal complaint with the NYID. There's a form on their website, so if State Farm has done the same thing to you, speak up about it. It's time the government did something about these jackwagons.
Jul 27, 2011
Double like because your name is Claire Fraser and you are also repping LI. I am reading "The Fiery Cross" right now!