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Old 01-27-2009, 11:59 AM
 
1,325 posts, read 4,197,646 times
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The Associated Press: State Farm to pull out of Fla. homeowners market

Note. Auto and health still seem ok. Only homeowners policies are affected
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Old 01-27-2009, 01:59 PM
 
68 posts, read 258,750 times
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Interesting. It was my understanding that companies that write both home and auto had to offer both to Florida residents, instead of cherry picking the more profitable ones.
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Old 01-27-2009, 02:34 PM
 
1,080 posts, read 4,586,960 times
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Default Interesting

Looks like state run Citizens will be getting more policies. Meanwhile I read where Citizens was trying to remove some of its policies. I'm with citizens and I can't get coverage anywhere else, HomeWise does not write policies in Hernando Cty anymore. I wish I could get free of Citizens as the value of my home has gone down, yet for insurance purposes its raisen $15,000. I've had my home reappraised in 2007 and the insurance company is saying that if I want it to lower coverage I have to have it reappraised again. I hate insurance companies

I have State Farm for auto and could never get them to give me Home Owners Ins......been with them for 21 yrs.
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Old 01-28-2009, 07:01 AM
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346 posts, read 1,491,403 times
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Its funny how a huge company can just decide to "stop writing policies" in an area where they could potentially lose money. The pullout is because they asked for a 40+% increase and were turned down. Now if the state wanted do do something interesting, they ought to say "OK" to the drop in homeowners insurance, but tack on that State farm may not sell Auto insurance in the state either. since a huge chunk of their profit comes from Auto it would really open their eyes. Its not like owners have a vast selection of companies to choose from so for them to stop writing puts more of a burden on Citizens.

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Old 01-28-2009, 09:58 AM
 
Location: Tampa, FL
877 posts, read 1,913,005 times
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This explains a lot. State Farm is our property insurer on our house back in NC and also our auto insurer. When we moved here we needed renter's insurance. We had to pay money for them to come inspect the house and then they said we missed a deadline to finish our application and had to wait another month to be covered. I finally gave up and went with GEICO.
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Old 01-28-2009, 10:41 AM
 
13,768 posts, read 38,197,572 times
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I thought they did make a requirement back in the 90s ( I think) when they canceled so many HOI policies. The state said they had to insure a certain percentage of homes if they wanted to continue to do business in FL. Did that change?
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Old 01-29-2009, 06:50 AM
 
Location: anywhere
1,731 posts, read 4,683,453 times
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I am not surprised they are pulling this crap again. I wouldn't be surprised to see them back down again either. When they do something like this people around the country start getting nervous that they will be next and flood their agents with phone calls and some start actively looking for other agents. That is a good part of what happened last time according to one of the local agents and helped lead to State Farm backing off. I am so glad I am with USAA.
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Old 01-29-2009, 07:17 PM
 
1,309 posts, read 4,191,594 times
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Yep, got a letter from State Farm today. Guess it's time to shop again, and I'm sure as hell not keeping my auto with them then!
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