State Farm stays with property coverage in Florida

State Farm Florida Insurance Co. will continue providing property insurance coverage in Florida, although the company will insure fewer homeowners and will charge more for its insurance. State Farm Florida, headquartered in Winter Haven, withdrew its plan to drop property insurance coverage under a consent order with the Florida Office of Insurance Regulation. Under the consent order, State Farm Florida will non-renew no more than 125,000 policies of its 810,416 residential property policies reported as of October. State Farm Florida has to give 180 days notice of non-renewal, and the process will take place over a one-year period. Even after these non-renewals, State Farm will remain the largest private insurer of property insurance risk in the state, a release from insurance regulators said. The consent order also grants State Farm Florida a 14.8 percent rate increase for all homeowners’ and condominium unit owners’ policies. The order concludes a series of events that began when insurance regulators denied State Farm’s July 2008 request to raise rates an average 67.1 percent.

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