Another Insurance Provider taking their profits and running???

Saying it was a "very tough decision for us to make," State Farm last week filed paperwork with the state Office of Insurance Regulation to drop some 50,000 coastal homes and condos when policies come up for renewal in January 2008. The company also intends to cancel an unspecified number of wind-only policies. Florida Chief Financial Officer Alex Sink said it is "disappointing that the largest private insurer - and one of the more respected companies - would have such disregard for long-standing customer relationships." Many of the dropped customers will likely have to turn to state-backed Citizens Property Insurance Corp., which is the largest overall hurricane insurance provider in the state.