What State Farm Florida Policyholders are Doing Today – Before Their Policy is Cancelled
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State Farm Florida announced in January that it is leaving the Florida Property and Casualty Insurance Market. The only items yet to be determined are the details of the withdrawal plan and the timing around when the policy cancellations will begin.
Front and center are the estimated 700,000 State Farm Florida home insurance policies that are expected to be cancelled over a two year period – that’s over 29,000 policies that will be cancelled each and every month for two years. No matter how you look at it, this is probably the most significant shock and disruption to the Florida home insurance market in history – and it could not be happening at a worse time.
For starters, many of those State Farm Florida home insurance cancellations will begin at almost the exact same time that Citizens Property Insurance Corporation will begin raising its rates in 2010 as required by state law.
Although dumping on big insurance in Florida has become one of our favorite things to do, here are some little known facts that won’t ever make the coverage of State Farm Florida’s planned withdrawal from the state:
State Farm Florida policyholders love this company, its customer service, the multiline discounts, and the overall speed at which the company responded to the Florida hurricanes of 2004/2005.
When State Farm Florida policyholders are asked to rate their satisfaction with State Farm on a scale of “1-10″ many give them a satisfaction rating of “10″ even if their policy is being dropped by the company!
Although State Farm Florida’s 47% rate increase was turned down prior to their withdrawal announcement, most of the data that we are collecting says that the annual premiums State Farm Florida policyholders are paying are among the lowest in Florida – due in part to the multi-line discounts for auto, home, and life along with major wind mitigation credits that many customers are receiving.










