State Farm to pull out of Florida because they did not get their big rate hike.

[madfloridian]

It was a massive one they were asking, like 100% or something. The state denied it.

Local news just had a report where their spokesman denied that was the reason.

It's called bribery, I think.

State Farm wants out of Florida

State Farm Florida Insurance Co. wants to stop writing property insurance in the Sunshine State.

Florida’s largest private property insurer blames its decision on its inability to obtain state approval for rate increases.

“Faced with steeply declining resources to cover future claims and expenses, State Farm Florida has little choice,” said Jim Thompson, the insurer’s president, in a press release.

The request, which requires regulatory review, would eliminate coverage for homeowners, renters, condo-unit owners, personal liability, boats, personal articles, and business property and liability policies.

It will not affect residents’ ability to obtain car, life or health insurance, or other financial services the company provides,

The company said it has submitted a two-year plan to the state that will give customers time to find other coverage. State Farm Florida said it will not be able to take action until it receives state approval.

Chris Neal, their spokesman on Fox 13 today....just said the rate hikes had nothing to do with it.

They need to get their effing stories straight.

[QC]

1. Then don't let them sell any kind of insurance here in Florida.

That's simple enough.

Bloodsuckers.

[williesgirl]

3. I agree, don't let them cherry pick what they want to write. rec'd

[NightWatcher]

2. didnt they threaten this shit after having to pay out after Ivan?

[madfloridian]

7. And after the 3 huge hurricanes in 2004

Yes, they did.

[TechBear_Seattle]

4. The word you are looking for is "extortion"

As in, "Give us what we are demanding, and no one will be hurt."

[madfloridian]

5. Yes, much better word.

:hi:

[johncoby2]

6. They will just come to texas and continue the raping

They threatened us and won major concessions. Our rates then doubled.
Now they are pulling out of the risk areas.

[madfloridian]

8. There is need for regulation.

Of some kind.

[KamaAina]

9. Allstate (or rather, Somestates) didn't even try for a rate hike in La.

They just pulled out.

Except for the Allstate Sugar Bowl, of course. Why waste a perfectly good sponsorship opportunity just because it's in a state that apparently isn't good enough for you to cover? :eyes:

[flvegan]

10. You are correct, it was a requested 100% rate hike.

They can shove their auto insurance biz too for all I care.

[madfloridian]

11. I thought so. Thanks for verifying.

They cover all our insurance....I am sickened by this pretty obvious play by them.