Starting Monday, February 1st 2010, 125,000 Floridians who insure their home through State Farm Insurance Florida will begin receiving letters from State Farm telling them that their homeowner policy is being cancelled.
State farm is canceling 125,000 homeowners insurance policies throughout Florida as part of a settlement with the Office of Insurance Regulation. Originally State Farm had threatened to abandon the State of Florida completely, by cancelling all of their Florida property insurance policies. They recently agreed to stay in Florida, for now at least, in return for being allowed to cancel 125,000 homeowner policies. In addition, the OIR granted State Farm a statewide average rate increase of 14.8% on those policyholders who are not being cancelled.
It is believed that residents of Southwest Florida including Naples, Marco Island, Bonita Springs, Estero and Ft. Myers will be disproportionably impacted with more cancellations and higher than average rate increases. Our family owned Naples insurance agency has a number of companies who are willing and eager to insure your home. Please contact us for further information and a quote before your State Farm policy is cancelled.
