The Real Deal Miami

State Farm policy holders left in lurch

March 23, 2009 11:58AM

State Farm will stop writing property insurance in Florida by 2011, but current clients can’t find cheaper rates and are sticking with the largest private insurer in the state for now. State Farm officials say they are dropping their 1.2 million property insurance policies — including more than 120,000 in Broward and Palm Beach counties — over two years because the company would be insolvent by 2011 at the rate it’s collecting premiums and paying claims and other expenses. Area insurance agents said few are finding better deals.