Make us your home page
Instagram

State Farm encouraged by talks, but still plans pullout

State Farm Florida said Friday it's encouraged by talks with Florida Insurance Commissioner Kevin McCarty but the giant insurer is not reversing its plan to pull out of Florida's property insurance market.

"The fact is nothing has fundamentally changed," State Farm spokesman Chris Neal said. "We do believe we're having very productive negotiations, but what we're negotiating is the withdrawal of State Farm Florida Insurance. It's just that simple."

"Our risk is still way too high and our premiums are woefully inadequate," Neal added. "Until that changes, the only responsible thing that we can do is continue to seek to withdraw from this market."

Neal said he was encouraged that McCarty acknowledges a desire to keep State Farm. Earlier, McCarty and Gov. Charlie Crist downplayed the loss of the insurer, saying that other Florida insurers could absorb most of the dropped State Farm policies.

In an interview Thursday with the Palm Beach Post, McCarty said he's "cautiously optimistic" that State Farm will keep at least some of its homeowners policies in Florida. ( http://www.palmbeachpost.com/money/state-farm-will-continue-homeowners-insurance-in-florida-53822.html)

Bloomington, Ill.-based State Farm is Florida's largest private insurer of homes. It announced in January that it would stop writing property policies statewide, including about 700,000 homeowners policies.

State Farm and Florida regulators, however, have been at odds over terms of the withdrawal. In recent weeks, McCarty has told the St. Petersburg Times, the Florida Cabinet and others that he's encouraged by the talks.

Jeff Harrington can be reached at jharrington@sptimes.com or (727) 893-8242. Follow him on Twitter at twitter.com/jeffmharrington.

State Farm encouraged by talks, but still plans pullout 11/13/09 [Last modified: Friday, November 13, 2009 11:31am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Federal agencies demand records from SeaWorld theme park

    Tourism

    ORLANDO — Two federal agencies are reportedly demanding financial records from SeaWorld.

    Killer whales Ikaika and Corky participate in behaviors commonly done in the wild during SeaWorld's Killer Whale educational presentation in this photo from Jan. 9. SeaWorld has been subpoenaed by two federal agencies for comments that executives and the company made in August 2014 about the impact from the "Blackfish" documentary. 
[Nelvin C. Cepeda/San Diego Union-Tribune/TNS]
  2. Legalized medical marijuana signed into law by Rick Scott

    State Roundup

    TALLAHASSEE — Gov. Rick Scott on Friday signed into law a broader medical marijuana system for the state, following through on a promise he made earlier this month.

    Gov. Rick Scott signed legislation on Friday that legalizes medical marijuana in Florida.
  3. Line of moms welcome Once Upon A Child to Carrollwood

    Business

    CARROLLWOOD — Strollers of all shapes and sizes are lined up in front of the store, and inside, there are racks of children's clothing in every color of the rainbow.

    At Once Upon A Child, you often as many baby strollers outside as you find baby furniture and accessories. It recently opened this location in Carrollwood. Photo by Danielle Hauser
  4. Pastries N Chaat brings North India cuisine to North Tampa

    Business

    TAMPA — Pastries N Chaat, a new restaurant offering Indian street food, opened this week near the University of South Florida.

    The menu at Pastries N Chaat includes a large variety of Biriyani, an entree owners say is beloved by millions. Photo courtesy of Pastries N Chaat.
  5. 'Garbage juice' seen as threat to drinking water in Florida Panhandle county

    Water

    To Waste Management, the nation's largest handler of garbage, the liquid that winds up at the bottom of a landfill is called "leachate," and it can safely be disposed of in a well that's 4,200 feet deep.

    Three samples that were displayed by Jackson County NAACP President Ronstance Pittman at a public meeting on Waste Management's deep well injection proposal. The sample on the left is full of leachate from the Jackson County landfill, the stuff that would be injected into the well. The sample on the right shows leachate after it's been treated at a wastewater treatment plant. The one in the middle is tap water.