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State Farm’s Trash, Other Insurers Treasure

February 3rd, 2009 by flanews

The rush is on to absorb the 1.2 million insurance policies State Farm plans to drop. Today representatives from Security First talked to the state insurance office about picking up 50-thousand of the policies. As Whitney Ray tells us, the 30 private insurance companies in Florida are also looking to cash on what State Farm plans to leave behind.

Hear it Here: State Farms Trash, Other Insurers Treasure

With State Farm no longer interested in being a good neighbor to Floridians, Governor Charlie Crist is promoting the states 30 newest insurance companies.

That many more choices for consumers across Florida is a great thing, said Crist.

Security First hopes to pick up 50,000 of the 1.2 million State Farm policies being left behind.

What we told State Farm Customers is that if they bring in to one of our agents a full coverage State Farm policy, for the next 30 days well write them anywhere in the state of Florida. Weve opened up all the zip codes, said Security First President Locke Burt.

Some of the other start up companies are looking to get in on the action. The state wants to make sure the companies can take on the new customers and the increased risk they bring. OIR spokesman Ed Domansky said the companies are stable, but regulators will be watching.

Well keep an eye on all those companies just as we do regularly on a quarterly basis to make sure that their business plans are such that theyll be able to meet their policyholders needs, said Domansky.

Policies the companies refuse are likely to end up with the state run insurer Citizens. Security First claims it can write most homeowners policies cheaper than State Farm. The company set up a webpage for people to get an instant quote. The web address is www.securityfirstflorida.com/Switch

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