jeff jones insurance group: State Farm: What Went Wrong & Why We Can Serve You Better
- 02/24/09 12:29 PM
The State Farm insurance giant has decided its finances are no longer able to handle the costs of supporting Florida homeowners. 1.2 million people in the Sunshine State will be affected by this abandonment within the next two years. So what went wrong? State Farm asserts that it was spending more on claims than it was making on premiums due to the cost of hurricane repair. In the past, State Farm has plead with Florida's Office of Insurance Regulation to increase rate percentages on premiums. Recently, State Farm was denied a 67%, then a 47% rate increase request. Should we as … (2 comments)
The State Farm insurance giant has decided its finances are no longer able to handle the costs of supporting Florida homeowners. 1.2 million people in the Sunshine State will be affected by this abandonment within the next two years.;)
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