"State Farm, the largest private insurance company in Florida, will stop writing new homeowner policies anywhere in the state, a company spokesman confirmed Friday.
State Farm has a significant presence in the Tampa Bay area with about 120,000 policyholders, or nearly one out of every five homeowners. The company's latest move won't directly affect those policyholders.
Its ban on new policies, as first reported Friday by tampabay.com, comes as the company embarks on a yearlong process of dropping 50,000 policies along Florida's coast. It also comes after an unusual meeting Thursday of State Farm officials and the company's nearly 900 Florida agents, many of whom expressed concern that their ability to write new policies has been handcuffed by recent changes in state law." (source:sptimes.com) |