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State Farm insurance turbulence causes agent storm
Besides State Farm Florida Insurance Company, other companies like Allstate Floridian, Nationwide Insurance, Travelers, Metropolitan Property & Casualty, Hartford Insurance Company and even Hanover Insurance Company too have been reported to be cancelling policies; or, serving notices of non-renewal. Most of the cross national home and property insurance companies shed their policies and retired from Florida following their incurring massive losses after the 2002, 2004 and 2005 hurricane seasons.
Insurance tragedy
State Farm Florida company President Jim Thompson along with other senior executives met with authorities after a recent 47% rate increase sought by the company (which was rejected by the state) to discuss and disclose time bound plan to abort renewals of policies and to stop issuing policies over a two year period. State Governor Charlie Crist, made his displeasure clear and pointed out that it was the duty of the corporate to behave in an honorable manner. Spokesperson, Chris Neal of State Farm Florida concurrently clarified, that following publicly available communication from Florida Hurricane Catastrophe Fund stating that it would not be able to meet reinsurance obligations to insurance companies in an efficient manner; and, without the rate hike, it would be challenging for State Farm Florida to stay solvent. In this scenario, Florida state insurance regulators would have had to commence delinquency proceedings to liquidate the company by 2010. Such a scenario would hurt policy holders and stakeholder in a more disadvantageous manner than simply curbing renewal of policies.
Why the struggle?
Excluding the state run Citizens Property Insurance Corporation, there seem to be limited options available for the current; and, soon to be insurance seekers in Florida. The state run corporation is massively underfunded and has a particularly large deficit budget. Where premiums are concerned, there is also a fear about paying anywhere between 90% to 200% higher premiums than customers have been accustomed to paying State Farm Florida, which has one of the lowest premium rates around. Either way, by way of winding down or through insolvency, State Farm Florida would not be able to persist in functioning. This being a definite, its customers would be well advised to begin looking out for alternate insurers through whom to insure their properties. Current rules require an insurer to provide ninety days of advance notice to customers, apprising them that their policies will not be renewed. A number of smaller companies, untested by the tragedies of 2005, have entered the Florida market since, and would be gunning for all the new business. Current State Farm Florida should go ahead and commence their search for dependable home and property insurers.
Insurance companies doing business only in Florida, find a ready market
The fastest way to locate a number of agents in your area would be to pick up your phone and call directory assistance for leads. Next, maximize your scope, by pooling in your research with that of friends and family who need to find insurance in a hurry. Forming a group would also help you negotiate for better deals for individual policies for each member of your group. Companies like American Strategic and Universal Property & Casualty have done well over the last few years and actually made a profit through the disasters of 2004 and 2005 – so consider these and other small companies.
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