State Farm Staying, Dropping Policies, Raising Rates

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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Information for State Farm Florida Policyholders

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Time lines that State Farm Florida customers will want to know include:

• State Farm's non-renewal process will not begin until November 2009.
• State Farm will provide customers with 180 days (6 months) notice before their policies are non-renewed.

This information is provided by the Florida Office of Insurance Regulation.

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The Florida Department of Financial Services has a page up with frequently asked questions regarding the withdrawal plans of State Farm insurance.

State Farm Florida Questions


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