Regulators Force a “Good Neighbor” out of Florida
On January 27, State Farm Florida Insurance Company, the largest provider of homeowners insurance in the Sunshine State, gave formal notice to the Florida Office of Insurance Regulation (OIR) that it intends to withdraw completely from the state. This action will leave more than one million policyholders, including many in the riskiest areas, searching for coverage.
This doesn't bode well....
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8 comments:
The only thing I've heard from State Farm so far is that they canceled all of their boat insurance... which means my boat is uninsured now. Dammit.
Oh great, that's my insurer - but we don't have hurricanes, we have earthquakes.
word: chime - appropos.
After having State Farm for 27+ years, I am glad they are leaving. When they decided to shrink the pool to Fla only & proceeded to raise rates to compensate, they signed their own death warrant. I can't wait until they are gone for good. All my insurances were switched as soon as I saw the handwriting. Keep away from them anywhere in the US. They have become worse than Allstate!!!!
Crap. I hope this doesn't happen at the Delaware Beaches or my dad's screwed.
And, Encompass (formerly CNA) is non-renewing their Florida home policies in 2010.
That's what I was afraid of, Anon.
Too much regulation drives business out.
This reminds me of something my uncle did. He owned a trucking business in California 30+ years ago, and his employees wanted to unionize. He said that if they did they would drive him out of business.
They voted to unionize and he immediately closed the business.
I've always wondered why people go union when they aren't being mistreated to begin with.
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