State Farm Florida Ending Property Insurance Coverage In State
Even insurers aren’t immune from the effects of the downturn. A report by WFTV and the AP indicates that State Farm Florida has filed plans to “discontinue its Florida property insurance product lines,” which would include “insurance coverage for homeowners, renters, condominium unit owners, personal liability, boats, personal articles, and business property and liability policies.” The reason? In mid-2008 State Farm’s requested 47-percent Florida homeowners insurance rate increase was rejected by Florida’s Office of Insurance Regulation, and State Farm Florida has been struggling since, even in the absence of any major storms in the hurricane-prone state....