Global Navigation
A Subsidiary of State Farm Mutual Insurance Company
December 16, 2009
A Message to Our Customers from State Farm Florida's President
State Farm Florida has reached a settlement with the Office of Insurance Regulation (OIR). The resulting Consent Order will help State Farm Florida stabilize its financial condition by allowing the Company to reduce its exposure to catastrophes and increase rates. This will allow us to continue to serve most of our current policyholders, and help improve State Farm Florida’s financial ability to be there when our customers need us most.
Our State Farm Florida customers do not need to do anything at this time.
Property policies designated for non-renewal will receive at least six months advance notice and State Farm agents will be able to provide affected residential customers with other insurance options. New rates will go into effect as policies are renewed.
We apologize for any inconvenience or anxiety this process might cause our customers, but this is a necessary step for us as we attempt to stabilize State Farm Florida’s financial condition and serve our remaining customers. These are not easy times for the Florida property insurance market. The OIR has noted publicly that 102 of the 210 private property insurers operating in the state are losing money; and three have gone out of business in the last year. To that end, it is essential for the state to continue working to develop constructive and sustainable insurance reforms that better serve the long-term interests of all Floridians.
State Farm Florida appreciates your business and looks forward to servicing all remaining policies, including those for homes, rental dwellings, apartments, small businesses, boats, personal liability and commercial liability.
Our Florida agents are committed to providing you with quality service and will continue to offer products from State Farm Mutual and its other affiliates, such as auto insurance, life insurance and financial services products.
As always, customers who have questions may contact their State Farm agent.
Jim Thompson
President
State Farm Florida
News and Information
State Farm Florida and Florida Office of Insurance Regulation Reach Settlement [12/16/09]
State Farm Florida Responds to House Bill 1171 Veto [06/24/09]
A.M. Best downgrades State Farm Florida [6/22/09]
State Farm expands sponsorship of ‘Road Ranger’ program in Florida [4/13/09]
Florida Property Insurance Market
Learn more about the challenges facing State Farm Florida and Florida's property insurance market. More
Media Center
Learn more about current events affecting State Farm Florida in the news. More
