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Mike Damaso
Mike Damaso
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State Farm: No New Property Policies in Florida

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The Orlando Sentinel reported on Sunday that State Farm will cease writing new policies for homes in Florida. State Farm is Florida’s largest private insurer. The article reports that the reason for the decision by State Farm is a result of recent Florida legislation passed last year to reduce property insurance rates AND to protect the insurers reserves to pay claims brought by existing policy holders.

This move by State Farm is not expected to affect the company’s one million current policyholders.