Well they are at it again. State Farm announced it is dropping coverage for more Florida residents. These policy holders are not being dumped because of something they did wrong. They did not make fraudulent insurance claims or make excessive claims under homeowners or hurricane insurance claims. They are being dumped so that State Farm can reduce its risk and keep only the most profitable policies. Whether it is a claim for injuries in an auto accident, a homeowners insurance claim or for other lines such as medical malpractice insurance it is obvious that insurance companies keep raising rates while reducing claims exposure and payments. While this makes sense for the insurance company profits how does that serve the citizens of Florida. It seems we may need another special session of the legislature to complete the fix on homeowners insurance that the earlier session obviously did not solve.
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