State Farm Florida Insurance Company
A Subsidiary of State Farm Mutual Insurance Company
A Message to Our Customers from State Farm Florida's President
State Farm joins the Florida Legislature and millions of Florida consumers in disappointment over Governor Charlie Crist’s June 24 veto of the “Consumer Choice” bill, HB 1171. This landmark legislation was passed by overwhelming majorities in both Houses of the Legislature and supported by voters by more than a 2 to 1 ratio according to polling conducted by the Florida Chamber of Commerce.
If allowed to become law, HB 1171 would have given consumers more options in their choice of a property insurer. It would have attracted more capital to the property insurance market in Florida—capital that’s sorely needed to protect homes and other property in Florida when the next major hurricane hits.
In light of the Governor’s action, State Farm Florida must move forward with its plan to discontinue its property insurance lines in Florida while the Company is still able to meet its contractual obligations to its property insurance customers. State Farm Florida’s net worth has declined by about $200 million since it first requested a rate change less than a year ago and just last week A.M. Best downgraded its financial strength.
As we move forward, I want to make it clear that State Farm Florida customers do not need to take any action at this time. The Company’s withdrawal plan is subject to approval by the state and even after approval, its residential property policyholders will receive at least 6 months notice before their policy is affected. Also, State Farm will continue to market other insurance products in Florida—from auto to life insurance—and also its financial services products.
While we are deeply disappointed by Governor Crist’s veto, State Farm still has a vested interest in a healthy Florida property insurance market and we will continue to work for solutions. Over 800 Florida agents, about 4,100 agent team members, and nearly 5,000 employees live in Florida and it is vitally important that state officials and private insurers, like State Farm, continue to work cooperatively to solve these challenging issues.
Jim Thompson
President
State Farm Florida
News and Information
State Farm Florida Responds to House Bill 1171 Veto [06/24/09]
A.M. Best downgrades State Farm Florida [6/22/09]
Florida Office of Insurance Regulation Grants Request for Administrative Hearing [4/30/09]
State Farm expands sponsorship of ‘Road Ranger’ program in Florida [4/13/09]
State Farm Florida responds to OIR’s conditional approval [3/9/09]
Florida OIR gives conditional approval of State Farm Florida’s plan [2/13/09]
Florida Insurance Commissioner issued a subpoena to State Farm Florida Insurance Company [1/30/09]
State Farm Florida files plan to discontinue property insurance product lines [1/27/09]
Customer Information Center
Information intended for Florida customers who have policies in the following product lines: homeowners, renters, condominium unit owners, personal liability, boats, personal watercraft, business property, and liability policies. More
About State Farm Florida
Learn about State Farm Florida facts and history. More
Florida Property Insurance Market
Learn more about the challenges facing State Farm Florida and Florida's property insurance market. More
Media Center
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