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Reload this Page Well, State Farm is leaving, now what do we do? (Lakeland: homeowners insurance, how much)
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Old 02-08-2009, 10:04 AM
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Default Well, State Farm is leaving, now what do we do?
What are the options for Homeowners Insurance? I can't seem to find anyone willing to write a policy for the Lakeland area. If they do, it is farmed out to a small no-name company.
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Old 02-08-2009, 04:35 PM
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That is what most are doing. The new no name co are the only one writing. I forgot how much in reserves they must have, but it's not much, they then buy reinsurance. That is all we have 2 no names, hope no storms to find out if they can pay or not. I'm sure if it's a fire or something you will be fine.
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Old 02-08-2009, 05:12 PM
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The problem with the smaller ones is their amount of reserves on hand.
Let's say that they have 2 million in "reserves / assets" , that's only a handful of homes. Everyone else would have to sue and hope they get lucky.
Reinsurance may be off-shore or with a RRG (Risk Retention Group). Both are bad news.
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