State Division of Insurance Says NO!
State Division of Insurance Says NO! Save Email Print
Posted: 9:09 PM Jan 12, 2009
 Last Updated: 9:09 PM Jan 12, 2009
5 comments
State Farm
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The state is saying no to State Farm Insurance.

The company asked for a whopping 47.1 percent average rate hike on homeowners insurance. The hike was denied in August and the company appealed.

Late Monday afternoon, the state invoked an administrative hearing judge's finding formally denying the rate hike.

In December, State Farm says it plans to shed about 170,000 policy holders by 2010. Currently, 845 thousand homeowner are covered by State Farm.
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Posted by: IMConcerned Location: PCB on Jan 14, 2009 at 01:04 PM
I dislike government fixing prices but there are some products that are just too difficult to control by consumers. I was able to drop them when their rates went up too much for me. But, SF will win in the end by dropping many customers for some reason-- it would have looked better for them if customers just didn't renew.
Posted by: Gail Location: Panama City on Jan 13, 2009 at 04:41 PM
The residents of the State of Florida deserve better. We don't need State Farm if there not willing to insure the people that need it the most. It's about time our leaders at the State Capitol started standing up for the little guy. We don't all have an income of $100,000.00 it's more like $20,000 - $50,000.
Posted by: ann Location: pdl on Jan 13, 2009 at 10:04 AM
i'm glad the state said no!!!my mother lives ofn fixed income but has paid her house off a few years ago she had this insur. for years but after house was paid for they told her they couldn't insure her home unless she puts on a new roof and other things, she couldn't afford to do it so they cancelled her policy after years with them in fort walton. I agree with the other comments let them get out of florida.
Posted by: WC Location: Panama City on Jan 12, 2009 at 11:33 PM
Score one for the good guy's. Tell State Farm to leave the state. They are going to drop all the at risk policy holders that they insure anyway. They only want to insure the one's that are less likely to file a claim due to damage from a hurricane. I thank the state for standing up for the home owners.
Posted by: Miggity on Jan 12, 2009 at 09:28 PM
As if they didn't make enough money from everyone before any disaster hit, they want to gouge everone after a disaster to have them pay after the fact. As Chris Rock say's, they should name Insurance "incase **** happens", and if **** don't happen, shouldn't I get my money back?" No. But I'll get an increased rate.
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