The largest homeowners insurer in Florida is canceling the policies of 125,000 of its most vulnerable customers beginning Aug. 1, halfway through the 2010 hurricane season.
The company, State Farm Florida, began sending out cancellation notices this week to nearly a fifth of its 714,000 customers, most of them in the state’s hurricane-prone coastal regions.
A spokesman for State Farm said the decision was the direct result of its failure to win a 47.1 percent rate increase from state regulators.
Source
In other words, you play my way or the highway.
I am mystified by folks who insist corporations like insurance companies have your best interests at heart. The right, much of it, strikes me as having the right emotions (frustration, anger) but the wrong enemy.
1 comment:
I'm very surprised by the cancellation of all these home insurance policies.
Have State Farm seen into the future and spotted a bit storm coming our way again?
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