State Farm to pull out of Florida

State Farm Florida will no longer provide homeowner insurance in Florida, the company announced this morning. The move, which still needs regulatory review, will leave more than 800,000 policyholders without home insurance coverage. Jim Thompson, president of State Farm Florida, said the company no longer has the money to cover claims and expenses. The company will leave its policyholders time to find other insurers, it said. The company said it will continue offering auto insurance coverage in Florida, but a 2007 state law prevents insurers from offering only auto insurance in Florida if they offer both
homeowner and auto insurance in other states.