Florida's largest property insurer, State Farm, has announced that they plan to leave the Florida property insurance market, explaining that they can't afford to insure residents in such an area so prone to storms. Now, some 1.2 million policyholders are upset, confused, frustrated, and angry. And naturally, concerned.
"I don't know why an insurance company would bail," says Orlando resident Robert Spater. "Isn't that what you created your business for? To help folks that need to be protected?...Seems a little backward."
State Farm states that they simply cannot afford to insure Floridians. The hurricanes of 2004 cost them $3 billion, which they had to borrow from their parent company, State Farm Mutual.
Although things do look grim for State Farm, things don't have to look grim for the residents of Florida. State Farm is going, but there are many other companies that can offer great homeowners insurance policies.
Independent insurance agencies are wonderful because they work with multiple carriers, meaning more options and better rates. Many of these insurance agencies are also family-owned or smaller, so you can expect a more personal level of customer service.
Like us, Dennis Insurance. We provide the best array of insurance products, along with outstanding service to every client we have. For a free quote on your homeowners insurance, or any other coverage you may need, contact us today or visit dennisagency.com.