[sunrico90]

Maybe we should drop all State Farm policies?


State Farm Insurance, Florida's largest private home insurer, said Thursday it will drop about 50,000 homeowners policies next year in what it considers risky areas along the coast.

Most of the homes and condos that will lose their coverage are within a few miles of the coast, but some are farther inland, State Farm spokesman Justin Glover said.

Glover said the move was ``a very tough decision for us to make, but it is part of our decision to remain in this market.'' State Farm filed paperwork Thursday with the state Office of Insurance Regulation announcing its intention to drop the policies.

Glover emphasized that no policy holders will lose coverage during the current hurricane season, which runs through November. Customers will start to be dropped after Jan. 1, 2008, when their policies come up for renewal.

The company also said in the filings that it intends to cancel an unspecified number of wind-only policies. Those are policies the company has in certain parts of the state where homeowners have most types of damage, such as fire or theft, covered by another insurance company and State Farm covers wind damage.

State insurance regulators said they would take a hard look at State Farm's rates in light of its intention to reduce its exposure. With less risk, rates might have to come down, the state's top insurance official said.

``If State Farm reduces exposure in Florida through the non-renewal of property insurance policies, the Office of Insurance Regulation will revisit State Farm's rates to ensure they are not excessive,'' Florida Insurance Commissioner Kevin McCarty said.

[tdading]

State Farm already did this in TX. I have had vehicle insurance with them for 23 years but no go on the home. If you are under 2500 yards from the beach you can not get it here. Small narrow Island so it does not matter if you are on the back or the front, they will not insure. Getting harder to find anyone to insure on the coast.

[sunrico90]

Originally Posted by tdading

State Farm already did this in TX. I have had vehicle insurance with them for 23 years but no go on the home. If you are under 2500 yards from the beach you can not get it here. Small narrow Island so it does not matter if you are on the back or the front, they will not insure. Getting harder to find anyone to insure on the coast.

Our coastal folks will experience the same. Is time to start searching for another insurance...

[crystalblue]

what happens when all the insurance companies pull out of florida?

[tallrick]

Then I get to celebrate..LOL! Seriously though, someone will always insure homes, there's just too much money to be made. How about a personal insurance fund?

[cltsig]

Originally Posted by crystalblue

what happens when all the insurance companies pull out of florida?

Citizens.

I would NEVER EVER buy anything from SF again. The way they screwed Katrina people and pull out of areas they deem risky, they'll never see a dime of my money.

[LABRAT16]

Come on folks. SF is just a group of people trying to get by as the rest of you are. Sure they want to make the BIG BUCKS and aim at early retirement (like 30), but tell the truth, if you had the chance you would too.It is legal. Maybe not moral, but when it come to the mighty dollar, guess where morality goes. Was it ALLSTATE that the east coast ran into problems with? Hey if they can't make the big bucks then they take their toys and go home. Any business that has the potential to lose money in an area will stop doing it in that area. They go where the money is and you folks aren't willing to give them the big buck, so what do you expect? Life sucks, then you croak, but in the meantime you have to have insurance, and they know it.

[MB2]

Originally Posted by sunrico90

Maybe we should drop all State Farm policies?


State Farm Insurance, Florida's largest private home insurer, said Thursday it will drop about 50,000 homeowners policies next year in what it considers risky areas along the coast.

Most of the homes and condos that will lose their coverage are within a few miles of the coast, but some are farther inland, State Farm spokesman Justin Glover said.

Glover said the move was ``a very tough decision for us to make, but it is part of our decision to remain in this market.'' State Farm filed paperwork Thursday with the state Office of Insurance Regulation announcing its intention to drop the policies.

Glover emphasized that no policy holders will lose coverage during the current hurricane season, which runs through November. Customers will start to be dropped after Jan. 1, 2008, when their policies come up for renewal.

The company also said in the filings that it intends to cancel an unspecified number of wind-only policies. Those are policies the company has in certain parts of the state where homeowners have most types of damage, such as fire or theft, covered by another insurance company and State Farm covers wind damage.

State insurance regulators said they would take a hard look at State Farm's rates in light of its intention to reduce its exposure. With less risk, rates might have to come down, the state's top insurance official said.

``If State Farm reduces exposure in Florida through the non-renewal of property insurance policies, the Office of Insurance Regulation will revisit State Farm's rates to ensure they are not excessive,'' Florida Insurance Commissioner Kevin McCarty said.

It was just announced, that the Treasure Coast will be heavily affected by it.....
When we owned our home, we used to have the HOI with them.... We are renting for now...thank god......
Excatly WHICH HOI Companies will remain and issue policies here in FL?
Sooner or later we will end up buying a house again.....

[MB2]

Originally Posted by crystalblue

what happens when all the insurance companies pull out of florida?

We, the state of FL, dealt with them
After the hurricanes we have had, many, many insurance companies TRIED or DID that.
Some of them went bankrupt, while others tried to pull out all together, just in an attempt to "self preserve" and in the wake of the prospective payouts.
It was a MESS, and left so many people in dispair.
Well, our politicians and government put the "kibash" to it real quick..... Insurance Companies went head to head with the government on that one, and it turned pretty heated and nasty at times, until they found a "solution". (At least the HOI Co. deserted fewer people, but comes to find out, the problem just got stalled, but never remedied.....)

[DanBev]

Out of it all.I have never seen why day in day out very,very expensive homes are built on the ocean front and expect all of us to pay for your risk.It will always be when.If you want to assume risk so be it.I sit uninsured in an area which has never been hit but citizen is my only choice.I will not pay for other people.My auto ins has assessment for Florida fund.On homeowner ins.in North Central FL the news showed added assessement of $100-$200,so no reduction in homeowners ins.