We all know that Florida home insurance costs are on the rise.  We have had back-to-back hurricane seasons that have had above normal activity, Florida homeowners insurance companies have asked the state of FL for large rate hikes to handle all of the risk they are currently taking on in the Sunshine State.  Our  state government has made a promise to lower house insurance premiums and the largest carriers in the state say they have been backed up against a wall with all of their losses due to previous hurricanes.  It seems that they would like to take the stand that they would either operate at a loss or don’t operate at all.

Did you know that large Florida carrier State Farm that has nearly 800,000 policies holders has requested a nearly 50% rate increase and when the state said “good riddance,’ the company announced plans to pull out.  State Farm is one of the last large insurance carriers still writing policies in Florida.  What do you think about that?

Florida and our state government is trying to tell Fl residents they are being protected by this change, Florida insurance lawyer Ted Corles says keeping State Farm around would be a more prudent move because without them, many new and inexperienced companies will try to move in. State Farm isn’t the only insurance carrier battling unprecedented risks in the state of Florida, he warns.  According to Corles, giving up on the major carriers will only create more problems down the road.  Do you agree with Ted Corles?  Please let us know your thoughts on this subject.