Jacksonville Florida Homeowners Insurance News

The large homeowners insurance company, State Farm of Florida,  has just requested a 28 percent increase on homeowners insurance rates due to many sinkhole claims in the Sunshine State. This request comes as many Florida lawmakers are trying to fix the sinkhole issue occuring in the state.  There will be a legislative session which convenes March 8, 2011 to try and come up with a solution for the rising costs of homeowners insurance in Florida. 

Forida State Farm spokesperson Chris Neal recently said that the push for the rate request is the rise in the insurer’s non-catastrophe losses, which have increased by over 90 percent over the last few years. By far, he said, the majority of that increase is due to the rise in sinkhole losses. In 2007, the carrier paid out just $47 million in sinkhole claims, a figure that has increased steadily with the carrier paying out over $119 million in the first three quarters of 2010.

Read more today at:  http://www.insurancejournal.com/news/southeast/2011/02/01/182926.htm

Ponte Vedra Beach, Florida — The well known company State Farm Florida, a Florida home insurance company who is a subsidiary of State Farm Mutual Insurance Company, is going to cease operations in Florida sometime this  year according to an announcement made in early in Jan. of 2009.  This announcement comes after a recent rejection by the states insurance department for a requested rate hike requested by the insurer.  This Florida house insurance rate increase request was the result of significant losses sustained by the insurer during the 2004 hurricane season.  Read the full homeowners insurance article here.