State Farm's Auto Insurance Operations Continue, For Now

In Florida, State Farm recently announced that it would be pulling out of Florida's home insurance market. The reason— they say they are losing money, billions of dollars insuring Florida homes against hurricanes and other disasters.

Florida's State Farm home insurance operations recently asked for an increase in premium rates, which must be approved by the state. The request was denied. If it went through, State Farm would have had a 47 percent increase in rates approved, and more revenue to continue operations. Instead, State Farm's out, and lawmakers in Florida are considering preventing State Farm from selling auto insurance in Florida.

Right now the policyholders who have auto insurance under State Farm are safe, but in the near future they may need to look for auto insurance elsewhere. We will keep you up to date on the latest goings-on in Florida and around the country. If you are looking for a new policy you can get insurance quotes from InsuranceQuotesUS.com.