The decision by State Farm Florida comes two weeks after state insurance regulators rejected the company's request to raise rates by more than 47%. The decision means State Farm Florida - a subsidiary of national insurance giant State Farm Mutual - will no longer renew policies for its roughly 1.2 million customers in the Sunshine State.This is crummy news for people like my friend Alanna, who has been a State Farm customer for (I presume) years and years. State Farm considered Alanna and hubby good neighbors when it wanted their business. Not so much now.
(Never trust your neighbors. That's what I always say. You would, too, if you lived on my street.)
Homeowners insurance has been a contentious issue in Florida for some time. I've been waiting for the axe to fall on me, too. Instead, my carrier, Nationwide, is cancelling my existing policy come the next renewal date and replacing it with Something Else. Sure, they've told me what, in detail, but do I understand it? Of course not. But I feel confident that it's not a better deal for me.
Incidentally, after almost 33 years, I need to get busy on filing my first claim, ever, on my homeowner's insurance. I'm pretty sure this is a covered issue. Last summer one of my five-story-high pines was hit by lightning, and it is now dead. When it falls, as it eventually surely will, it will be bad news for either me or my neighbor, and definitely for my insurance company. So I need to swallow hard, brace for paying the deductible and whatever other costs the insurance company will wiggle out of covering, and file the claim and get the tree removed.
Because Nationwide might not be my good neighbor forever.