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State Farm to Stay in Florida but Rates Will Increase
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12/16/09 - 02:35 PM
State Farm is staying in Florida after all.
Wednesday the company dropped its plan to withdraw from Florida’s property insurance market.
State Farm has reached an agreement with the Florida Office of Insurance Regulation that includes a 14.8 percent rate increase for all homeowner and condo policies.
The deal also allows State Farm to eliminate 125,000 of its 810,000 policies in Florida. The non-renewals won’t start until next August. Insurance Commissioner Kevin McCarty says the company is required to give policyholders at least six months notice before dumping contracts.
The decision marks a dramatic reversal for both State Farm and the state of Florida.
Last January, State Farm announced it was leaving Florida after insurance regulators rejected a 47 percent rate hike request. The company said it could no longer operate in Florida because the rates were inadequate.
Then Gov. Crist said Florida would be better off without the company because its rates were already too high. Now both sides are moving past those remarks.
McCarty says this new deal is better for State Farm customers and Florida’s insurance market.
McCarty says State Farm was able to justify the need for the 14.8 percent rate hike.
State Farm spokesman Michael Grimes says the deal will help the company stabilize its deteriorating financial condition and reduce exposure to claims.
The 14.8 percent rate hike is expected to take effect sometime in the next two months.
I checked their rates for the heck of it and my insurance is $564.00 a year cheaper for the same exact coverage!!!
They are really crooks. The State Insurance Commisioner who let them sell insurance again needs to be impeached along with any other legislator who let these crooks back into our state.
They do nothing but rip-off consumers with their outrageous rates. Then when you file a claim, they use the FINE PRINT and their team of lawyers to not pay you like they did to Mississippi, residents who are still waiting after 4 years!
They’ll never see a dime of my money, ever!
My former State Farm agent just called with the “good news” that State Farm is staying in Florida. I’m glad State Farm dropped us when they did as we got much cheaper insurance. State Farm has lost all of our business for life. Don’t trust them at all.
They asked for a 47% rate hike! They’re giving them a 14.8% hike? My homeowners has went down this year and last year. I’m just saying State Farm is a rip-off company and is basically trying to get more money from Florida residents probably to pay their lawyers for litigation costs in Mississippi, where residents there won’t even allow this rip-off company to even operate because they are so bad.
We don’t need this company in our state or in any state when they rip-off consumers.
As far as health care, the Senate bill has been watered down so much and has no public option or medicare buy-in and is now, a joke. It is a Blue Cross windfall bill and I do not support it at all without a public option. The bill needs to be scrapped or vetoed as it is just a win for the insurance comapnies and not consumers. It’s sad that America is now pretty much owned by Big Insurance and soon, none of will have any health insurance as Blue Cross premiums will bankrupt all employers and citizens.
and it crawls out for the under the rock it should have stayed under, let me guess retired one, lets let the govt take over all insurance, not just health care but home insurance too? good little socalist.
They are banned from Mississippi, for non-payment to Katrina victims who still have thousands of law suits against this crooked company. They wait until all litigants die as they tie up these suits for up to 25 years. These are people who thought they were covered.
Insurance companies like that, this state does not need. They should be banned and not allowed to sell even auto insurance.
Someone got paid off.
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Insurance Commissioner Kevin McCarty, needs to be investigated for allowing this rip-off company to do business in our state. He gives them permission to cancel 125,000 policies and to jack the other half million policies up to 14.8%?
What kind of scam is this? Who is looking out for Florida consumers?
It looks like Big Insurance runs the entire country, including the US Senate.
The American people have no one representing us and we are at the total mercy of Big Insurance,Big Oil, and Big Business.
The Republicans are turning America into a money scam for themselves and the rich CEO’s. It’s disgusting. The Democrats, even with 60 Senators, can do no better as they have 5 conservative Senators who tell the other 55 what to do.
It’s a money grab and it’s our money!