Recent news reports say that insurance giant State Farm and Florida insurance regulators have called a cease-fire on going to court as negotiations continue over how State Farm can follow through with their withdrawal from the Florida property insurance market.
The two opposing sides have agreed that there is no need for a hearing until their talks continue, on June 15.
This January, State Farm, which is Florida's biggest property insurer, announced their plan to pull out of the Sunshine State's property insurance market, meaning that some 1.2 million policies will be dropped over the next two years - 700,000 of those homeowners policies.
State Farm has said that the pullout is due to rising losses resulting from hurricane claims, but State Farm policyholders are both angry and alarmed. Florida Insurance Commissioner Kevin McCarty set strong conditions earlier this year for the insurance giant, asking them to give up their certification as an insurer.
Another condition McCarty stated was for State Farm to allow its agents to sell other companies' policies.
If you're one of the 1.2 million affected by State Farm's pullout, contact us today for information on our homeowners policies, business policies, and auto policies. Forget the corporate giants - we're a trusted local agent that lives right within your community.