Is it likely that State Farm Florida will reverse its decision?
Unfortunately, no. We tried everything possible to avoid this decision. State Farm Florida took this action only after persistent efforts to secure adequate rates and to insure financial stability. The company must avoid further financial weakening that would prevent it from meeting its contractual obligations to its property insurance customers. We know this action will be hard on our State Farm Florida customers, employees and agents, and regret the impact this will have, especially on those customers who will have to seek property insurance elsewhere. Our agents, employees and State Farm Florida value the relationship we have with our property insurance customers and wish there was a way we could continue to serve them; however, the present regulatory environment has made this impossible. Yet, State Farm intends to work with others who wish to reform Florida’s dysfunctional property insurance market for the benefit of all Floridians. It is vitally important that state officials and
