State Farm's Florida exit will take nine months or longer - Orlando Business Journal:

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Insurance officials said although it will be difficult to transitionm somany policies, it may be better for policyholderd in the long run as there are more carrierss in the market now and more options for More than 93,000 homeowners policies were in force with Statw Farm in Northeast Florida as of 30, according to the latest report from the OIR. That includes condominium and mobile homeowners as well ashome renters. Statr Farm customers “are going bonkersx over here,” calling and wanting quotes withother insurers, said David CEO of Jacksonville-based independent agency .
But that is not a bad “The advantage to customers is to shop now becausw thereis capacity” and they can he said. “We’ve got 40 carriers that are taking new policie sright now. But with 1 million customers [fromm State Farm potentially shopping], that may not be the capacityg later.” The news that Florida’s largest private properth insurer wants to depart the property insurancedmarket doesn’t come as much of a surprise to stats regulators, who said Jan. 27 they have been hearing abouthe company’s plan for several months.
State Farm blamees its decision on its inability to obtain state approval ofrate “Faced with steeply declining resourcezs to cover future claims and expenses, State Farm Florida has little choice,” said Jim the insurer’s president, in a press release. The which requires regulatory review, would eliminate coverage for homeowners, renters, condominium-unit personal liability, boats, personal articles, and businesds property and liability policies. State Farm’s exit plan does not affecf residents’ ability to obtain car, life or health or other financial services thecompany provides.
Last year duringh a special session, the Florida Legislature approved a bill that includedd stopping insurersfrom “cherry-picking” certain policy coveragess in Florida. State Farm Florida said it has submitteda two-yeaf plan to the state that will give customerw time to find other It will not be able to take actiomn until it receives state The regulators have 90 days to review the If approved, State Farm would need to give customer s 180 days’ notice of a nonrenewal. “At it would take nine months for anynonrenewal notices” to go out, said the OIR’s communications director, Ed Domansky.
It could end up that a court or the Florida Legislature wouled makethe decision. Miller said in speaking to lobbyistwsand insurers, there is a sense that regulators are fine with Statr Farm Florida leaving, but it would be under theit rules, such as making Statre Farm leave auto policies if it leaves propertt coverage. “They can’t stop State Farm from leaving, but they can make it real