It came in the mail yesterday, a letter from the insurance company on one of our rental properties. Those letters that I dislike so much.
It read,
"Dear Mrs. Shores,
State Farm Florida and the Florida Office of Insurance Regulation (OIR) reached a settlement in December 2009 allowing State Farm Florida to maintain a property insurance presence in your state. The settlement allows State Farm Florida to stabilize its financial condition through a reduction in property policies over the next year."
And, for the bad news...
"Unfortunately, your policy is one of the property policies being non-renewed. In the next few days you will receive an "official" non-renewal notice on your property policy. You have a minimum of six months from the date of the non-renenwal notice before the property policy is non-renewed..."
We had heard that this was coming.
A couple of years ago, State Farm cancelled policies on the beachside. I don't have any rentals near the beach, they are on the mainland. However, they also cancelled everything that was within one mile of the Indian River Lagoon. So, we had 6 rental policies cancelled. We had to find insurance elsewhere... more expensive insurance.
I'm hoping that this will be the last one of these letters that I receive.
FOOTNOTE: A week later, I received 5 more cancellation letters on my rentals. UGH!
Sandy Shores REALTOR®,Melbourne FL Real Estate
Brevard County Real Estate and Investing
I specialize in Residential, Investment & Relocations.
We have a team of professionals to facilitate your Short Sale.
I buy, sell, rent, own and manage Investment Property.
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