Homeowners Insurance Carrier State Farm | Homeowners Insurance Blog

Homeowners Insurance Blog

February 3rd, 2009

in Florida homeowners insurance

One of Floridians belvoded Florida homeowners insurance carriers, State Farm, will be pulling out of the state.Â They are Florida’s second-largest home insurer, pleads poverty as it attempts to exit the state and send more than 800,000 consumers scrambling for coverage.Â How could the state of Florida let this happen?Â Why can’t State Farm dip into some of their profits in other states to make up for Florida?

A Company officials say they are losing nearly $20 million a month. After being denied aÂ 50 percent rate increase late last year, continuing to operate in Florida “would have resulted in insolvency,” said State Farm Florida CEO James Thompson.Â Is this true?Â Why do regulators allow homeowners companies to set up seperate LLC’s in Florida?Â Don’t you think all of their companies should be under one umbrella?Â Another way to work the system.Â Read More Here…

Yeah, what was state farm thinking. I can’t imagine how they are able to get away with this. What is this world coming to?

Comment by jackie little — February 3, 2009, at 8:24 am
Just got a homeowners quote from this company. Great response time and wonderful service!!! Good rates too. Highly recommend!

Comment by Anna — February 13, 2009, at 11:39 am