“Disappointed” State Farm to continue plans to pull out of Florida after Crist’s veto
by Michael C. Bender | June 24th, 2009State Farm Florida spokesman Chris Neal said Gov. Charlie Crist’s veto of a bill to let the company offer unregulated rates leaves the company with no option but to pull out of the state.
“We’re just extremely disappointed,” Neal said. “We’re disappointed by the governor’s failure to approve what we felt was landmark consumer choice legislature.”
The company told Crist earlier this week it would reconsider plans to pull out of the state if he approved the bill (HB 1171).
“At this point we have no choice but to continue with that plan,” Neal said. “The only option we have at this point is to discontinue the property insurance business while we still have the financial resources to make good on our contractual obligations in Florida.”
Crist vetoed the bill saying it would provide little consumer protections and only lead to higher rates.
“This will likely result in significant and unpredictable rate increases that, during these difficult economic times, people simply cannot afford,” Crist wrote.
Read the veto letter here.
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June 24th, 2009 at 3:52 pm
WHO really cares about State Farm now? I wish all who have an auto policy with them would cancel, or better yet, I wish the leg. wouyld have approved Crist’s bill that basically said if you won’t sell your homeowners, you can’t sell auto.
June 24th, 2009 at 4:25 pm
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June 24th, 2009 at 4:25 pm
Bitty your as dumb as your name is . Just wait and see whats going to happen when we have a major storm and your Gov has to tell everyone that theres no money to pay for the damages. LIBS will be the death of this country.
June 24th, 2009 at 4:48 pm
Rob, the state of Florida has been run by the Republican Party for quite some time. If you have any beef with the way the state of Florida is being run, don’t blame liberals.
June 24th, 2009 at 5:18 pm
John your right. This isn’t a matter of left or right. What Crist just did hurts the people of FL more then if he would have passed the bill . Whats wrong with giving the power of choice to the people . Thats the way it should be isn’t it? People think that by giving the power to charge any amount for home owners insurance that the priceing will be outrages. That just isn’t the case. If company A is charging 4000 and b is charging 2000 who would you go with . Goverment wants to controll everything and thats not right . Choice for the people . Not chosen by the Goverment.
June 24th, 2009 at 5:18 pm
These big time insurance companies makes millions of dollars a day for homeowner’s and also auto insurance, you pay them thousands of dollars a year,for so so so many years, and soon as you have a problem they cancel your policy, or send you to the JUA(Florida Residential) Insurance who charge the world for coverage and dump you also.
These companies need to be made to pay something when people have paid for years of coverage. They will lose out, all people need to start looking for another company, then see what State Farm does.
June 24th, 2009 at 5:19 pm
State Farm joins the Florida Legislature and millions of Florida consumers in disappointment over Governor Charlie Crist’s decision to veto HB 1171—the Consumer Choice bill. HB 1171 passed both Houses of the Legislature by overwhelming majorities and was supported by voters by nearly a 2 to 1 ratio according to polling conducted by the Florida Chamber of Commerce. This landmark legislation would have given consumers more options in their choice of a property insurer and attracted more capital to the property insurance market in Florida—capital that’s sorely needed to protect homes and other property in Florida when the next major hurricane hits.
June 24th, 2009 at 5:46 pm
I’ve been a customer of State Farm since 1978 and had a homeowners policy with them since 1990. Each year our policy premiums have increased significantly, once as much as 70%. I cannot believe that these huge increases are justified or necessary. Our house passed the My Safe Florida Home inspection with flying colors, we live west of 95, and have NEVER made a claim or collected $1 from a company we have paid thousands to over the years. I say good riddance and oh, by the way, we are cancelling all 3 of our auto insurance policies too. I’m sure they will do fine without us…
June 25th, 2009 at 2:48 am
I too have been with state farm for 22 years , never made a claim, and was dropped last year because I live near the coast and may get some damage. Good riddance to them ! Other states should look for better coverage too !!!
November 20th, 2009 at 1:53 pm
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