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State Farm Still in Limbo

March 26th, 2009 by Mike Vasilinda

State Farm Insurance still plans to stop selling homeowners policies in Florida, but the company is objecting to conditions placed on the company by the state. Late yesterday, the state denied State Farms attempt to change the conditions, and as Mike Vasilinda tells us, the denial leaves the companys plans somewhat in limbo.

As State Farm prepares to stop selling homeowners in Florida, it doesnt want to allow its agents to sell for other companies, so the only place agents can send homeowners is to the state run Citizens pool. The companys position directly contradicts conditions put on the company by regulators. They say the company must not only free its agents but that it can not move policies to the state. Late Wednesday the state denied the companys appeal of the provisions

The petition came across largely as just expressing displeasure at the withdrawal order that the commissioner approved, Ed Domansky with the Office of Insurance Regulation said.

The legal wrangling made by State Farm customers a month or two before their nonrenewal notice shows up, but the bottom line remains the same: youll need to find new coverage.

A State Farm Spokesman would say little.

We are trying to work with the OIR to ensure a smooth transition for our agents, our policyholders, and our employees, State Farm spokesman Michael Grimes said.

Governor Charlie Crist is also being more restrained than usual.

He continues to urge policy holders to check for new coverage online.

Thank goodness that the Insurance Department developed shopandcomparerates.com, so when things like that happen, whether its state farm or any other company, the consumer has the power of choice, Crist said.

But as many a million State Farm customers will have little choice if they end in the state run pool. And if they do, the risk to everyone else in Florida will go up dramatically.

Posted in Charlie Crist, Insurance, State News | 1 Comment »

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