State Farm: No property insurance in Florida

[Morpheus]

Sucks if you have it (glad I don't)

First thing that came to mind was home owners but then based on their list it's not just home owners that are gonna get the shaft.

Impacted Policies Name
Written Premium for 12 months ending 9/30/2008
# of Policies in-force as of 9/30/2008

Apartment Policy
$5,585,820
2,631

Boatowners Policy
$33,497,854
57,982

Business Policy
$76,909,075
30,855

Church Policy
$13,582,501
1,989

Commercial Inland Marine
$875,224
2,661

Commercial Liability Umbrella Policy
$2,741,154
3,749

Condominium Unit Owners
$55,810,587
79,833

Contractors Policy
$9,142,205
3,767

Homeowners
$1,054,918,245
703,357

Manufactured Home
$15,186,032
14,533

Owners and Contractors Protective Liability Policy
$2,848
2

Personal Articles Policy (Personal Inland Marine)
$27,326,747
97,719

Personal Liability Umbrella Policy
$49,459,887
93,874

Premises/Personal Liability Policy
$657,180
5,890

Products and Completed Operations Liability Policy
$1,335
2

Rental Condominium Unit Owners Policy
$2,638,728
6,110

Rental Dwelling Policy
$45,535,805
64,902

Renters
$13,135,733
61,774

Taken from: http://www.statefarm.com/about/part_spos/community/sflocal/florida/impacted.pdf
http://www.myfoxtampabay.com/myfox/...n=8&locale=EN-US&layoutCode=TSTY&pageId=1.1.1

 

[papogator24]

I have state farm for my house..I don't know whats going to happen.

 

[ray306]

Yeah, I have State Farm too. Plus 2 boats. Plus life. Plus umbrella. Plus cars. State Farm is really starting to tick me off...guess I'll start shopping for everything.

Ray

 

[papogator24]

Lately, State Farm has been a little PITA. Looks like they will lose my business for my vehicle and boat.

 

[fwebster]

I've lived part time in Florida for 20 years, in a house, not a condo. I've seen this occur so many times I've quit counting.

Periodically, the bean counters at an insurance company will look at the numbers.....they have opitcal rectomitis and cannot see or count historical data worth a damn........and decide that Florida isn't profitable. Then all of a sudden, thousands of policy holders get "notices of non-renewal" and the carrier withdraws from writing business in Florida.

Then, about 3 years later, if there are no substantial catestrophic storm losses, management tells its marketing people: "You idiots...we are missing millions of $ in premiums.....go sign up some agents and start writing policies in Florida." And, its deja-vu all over again.

My advice for any of you who have chosen State Farm or any other insurance carrier who writes thru captive agents (State Farm agents can only sell one company) shop for your next insurance company with an independant agent who has access to more than one carrier and market in which he can place your business. You will experience the notice of non-renewal again if you continue to live in Florida, and an independant agent wants to keep your business and he will have other resources in which to handle your needs that a captive agent does not have access to. Right now the State Farm agent you were buying coverage from just lost 100% of his business/income and he is worrying about how to make his mortgage payment, pay Mama's BMW lease and pay for Jr. braces.....he could give a rat's ass about your insurance policy.

 

[Southpaw II]

Over the years, I've seen the same thing happen on/off again in Mississippi. They will announce, " No new home owners business in "x" counties", and if you move or need a new policy, you're SOL. Then the State Insurance Commissioner steps in and threatens to boot them out of the State if they don't stop "cherry picking" the business. The Katrina fiasco down on the coast was another black eye for them that was well covered on 60 Minutes.

 

[Pseudomind]

Well just great, Guess who I have had for the past ten years?:smt013

Hell in a hand basket

 

[sprink56]

State Farm is making another one of their attempts to "cherry pick" their policies in Florida. This has been going on ever since Andrew hit us in 1992.

Historically, the State Insurance Comissioner tells State Farm that if they want to write any business in Florida the are going to also include homeowners/windstorm in their portfolio. State Farm then has their "light bulb moment" and shelves this untill the "bean counters" bring it up again.

Geico is the only company I know of that has been able to pull this off...but they never had much of a homeowners portfolio here anyway.

I could get started on a rant about why this has happened, building codes, etc...but I'll save it for later.:smt021