Blog of Bonnie


Florida state insurance regulators have approved State Farm’s plan to drop 1.2 million customers for homeowners insurance, although they imposed conditions that make it diffciult to dump the policies.

Florida Insurance Commissioner Kevin McCarty stipulated that State Farm must sell the existing property insurance policies to companies other than the state-backed Citizens Property Insurance Corp. and do it in such a way that customers get the same coverage or better for the same price or less.

State Farm has 21 days to appeal the state’s conditions.

The insurer announced on Jan. 27 that it is leaving Florida because the state rejected its request for an average 67 percent statewide rate increase. State Farm says it is losing an average $20 million a month on the homeowners line of business.
Posted by Ralph & Bonnie Mills on February 19th, 2009 8:57 PMPost a Comment (0)

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