Insurance in Florida has always been a big part of the PITI equation. This cartoon by Jeff Parker of Florida Today Newspaper sums up homeowner's reaction to State Farm's departure and will not bode well for the company when friends and relatives in other States hear about their treatment of loyal customers.
State Farm Florida’s departure is a dramatic example of the turmoil that has gripped Florida’s homeowners insurance market since Hurricane Andrew struck south of Miami in 1992. The barrage of hurricanes that hit Florida in 2004 and 2005 deepened the insurance crisis.
Since Andrew, insurance prices have soared. State Farm, for instance, has increased rates 530 percent since 1992 and hundreds of thousands of policyholders have been dumped by private insurers into Citizens.
To State Farm, I say - Don't bother coming back for the good times! There are plenty of other reliable companies willing to take your place.