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BREAKING NEWS: State Farm To Pull Out Of Fla. Homeowners Market
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Published: January 27, 2009
TALLAHASSEE - Florida's largest private homeowners insurer — State Farm Florida — is planning to stop selling property insurance in the state.
State Farm spokesman Chris Neal said Tuesday that slightly more than a million customers will be affected, but said that none need to worry immediately.
The Illinois-based insurer can't do anything before completing a regulatory review in 90 days and is then prohibited by law from discontinuing any policy before giving a six-month notice.
Neal said State Farm's 2.8 million auto customers in the state are not affected by the company's decision.
In a statement, State Farm said it has been unable to obtain regulatory approval from Florida officials on adequate rates for its property insurance lines.
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