State Farm says it "won't" be there for thousands of homeowners next year. Florida’s largest private insurance company wants to drop 50,000 mainly coastal homeowners after January 1.

Anger is building over what lawmakers promised after passing insurance reform legislation and what homeowners are actually getting.

It appears even state insurance regulators were taken aback by State Farm’s decision to dump 50,000 coastal homeowners policies.

But at the Florida Office of Insurance Regulation, deputy director Mike Milnes admits the state can’t block a private insurance company from asking to cut back on customers. And other companies could follow suit.

“We are very concerned. If a State Farm, Allstate, Nationwide were to feel that it’s in their best interest to file something like this, there’s nothing that could prevent them from doing that.”

The small bit of good news for policy holders is Florida’s insurance regulators still must sign off before State Farm or any other company can chance eligibility requirements and dump policy holders. But that’s probably little consolation for the insurance customers who are feeling let down by lawmakers about now.

We caught up with one of those lawmakers who voted for the insurance reform package passed during last January’s special session.

Representative Curtis Richardson was angered by State Farm’s decision, and thinks he and his colleagues should go back to the drawing board.

“This flies in the face of what we attempted to do for homeowners in the state of Florida during the special session, and that was to ensure that they had access to homeowners insurance at reasonable rates.”

Insurance regulators say they’re taking a good hard look at State Farm’s request, and it’s by no means a done deal. But it is another hard pill to swallow for homeowners who are still waiting for the insurance relief they were promised by legislators.

A decision by Florida insurance regulators on whether to allow State Farm to change its eligibility requirements is expected in October. State Farm says the non-renewals will affect homeowners who live within anywhere from two to five miles of the coast, depending on which part of the state you’re in.

Notices of who would be affected will go out in September, and the change would not affect property owners until after the first of the year.

The Office of Insurance Regulation recommends checking its Web site, www.shopandcomparerates.com (or www.flgov.com) to see what other companies are offering homeowners insurance in your area. You may also be eligible for Citizen’s Property Insurance.