State Farm Pulling out of the Property Insurance Business in Florida? Oh No!

I got the letter in the mail yesterday.

State Farm Pulling out of Florida“You may have seen or heard the recent announcement that State Farm Florida Insurance Company (State Farm Florida) has submitted a plan to discontinue its property insurance lines in Florida.  I want to clarify for you that this plan involves coverage only for homeowners, renters, condominium unit owners, personal liability, boats, personal watercraft, personal articles, and business property and liability policies.

State Farm Mutual Automobile Insurance Company (State Farm Mutual) and its affiliated companies will continue to provide -as they have for decades – automobile insurance, life insurance, health insurance and other financial products and services in Florida…”

It is my understanding that it will be approximately 90 days before State Farm knows anything for sure.  And then if it is determined that State Farm will be pulling their property insurance line, my agent has indicated that it will be late 2009, early 2010 before policyholders will have to have their insurance shifted to a different insurance company.

“we will not be taking any action under the plan until regulatory approval has been received. We took this action only after persistent efforts to secure adequate rates and to ensure financial stability.  It is our responsibility to provide a sound financial framework for the coverages we provide.”

Well, I guess I better get going…I’ll have to find insurance on my primary residence AND my rental houses that are insured with State Farm.  UGH!

And, I thought all this time that ‘like a good neighbor State Farm is there!’


 

This article is authored by

Sandy Shores, Brevard County Real Estate

Melbourne Florida Real Estate News

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