Allstate is not happy with the State of Florida not approving a 47% increase for them.
They will have two years to pull out.
"State Farmwants to stop writing property insurance in the Sunshine State.
It’s a decision that doesn’t come as much of a surprise to state regulators, who said Tuesday they have been hearing about the company’s plan for several months.
Florida’s largest private property insurer blames its decision on its inability to obtain state approval for rate increases.
“Faced with steeply declining resources to cover future claims and expenses, State Farm Florida has little choice,” said Jim Thompson, the insurer’s president, in a press release.
The request, which requires regulatory review, would eliminate coverage for homeowners, renters, condo-unit owners, personal liability, boats, personal articles, and business property and liability policies."