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Left Hanging By State Farm

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By KEVIN WIATROWSKI

kwiatrowski@tampatrib.com

Published: January 29, 2009

More than a quarter of Pasco County's insured homeowners will have to find a new insurer after State Farm's announcement this week that it plans to stop insuring residential property in the state.

The state's biggest private insurer has 23,645 customers in Pasco, more than 80 percent of them single-family homeowners, according to the state's Office of Insurance Regulation. The balance includes policies for condominiums, mobile homes, boats, personal liability, business property and renters. Auto, life and health insurance policies would not be affected.

Altogether, State Farm covers $8.9 billion in property in the county, according to the state. The company insures $353 billion in property statewide.
State Farm officials announced Tuesday that they plan to leave the state in the next two years. As the company's 933,140 policies come up for renewal during that period, they'll be canceled, company officials said in a letter to the state.

State Farm's proposal, known as its "withdrawal plan," will be under state review for the next 90 days. The company cannot drop anyone until that review is finished.
Company officials said dropping homeowners was the way to avoid insolvency for the Florida branch, which is $20 million in the red.

State officials advise anyone who expects to lose their insurance coverage to weigh their options for other coverage insurance at www.shopandcomparerates.com.

Reporter Kevin Wiatrowski can be reached at (813) 948-4201.

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