Bad Neighbor: State Farm Seeks Huge Rate Hike
By
The Associated Press
Published: Tue, August 28, 2007 - 3:34 pm
Last Updated: Tue, August 28, 2007 - 3:58 pm
Last Updated: Tue, August 28, 2007 - 3:58 pm
dropping thousands of homeowners policies in Florida.
Nationwide Insurance of Florida says its dropping 39,000
homeowner policies and 1,600 commercial property policies. In a
press release issued today, the company said the move is being made
to maintain Nationwide's long term financial stability.
Today's announcement comes just over a month after State Farm
announced it would drop 50,000 homeowners policies.
In a written statement, the state Office of Insurance Regulation
says: "it is unfortunate that this is largely reflective of what
most of the private property insurance market in Florida has been
doing."
The company says it will start non-renewing those polices that
are affected in January of next year.
Nationwide is the state's fifth-largest property insurer. It has
about 176,000 policyholders statewide.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
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