State Farm and the State of Florida have reached an agreement that will keep State Farm in Florida insuring residential customers.
"This agreement is the product of a long and arduous negotiation process,” remarked Commissioner McCarty. Read full press release
The agreement allows for State Farm to non-renew policies and increase rates. According to a press release issued by State Farm, customers who will not have their policies renewed will receive a six-month advance notice. Rate increases will happen as policies are renewed. Describing the Florida property insurance market as “not easy times”, the steps being taken are necessary in order to stabilize State Farms financial condition in Florida.
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