The Real Deal Miami

State Farm may stay

November 13, 2009 10:13AM

Florida Insurance Commissioner Kevin McCarty said State Farm might stick around, after all. McCarty said he remains cautiously optimistic that the largest private insurer in the state will continue to do business here, despite earlier plans to leave after it was not allowed to make dramatic increases in its premiums. In January, State Farm said it would stop writing property policies in Florida, where it covers 700,000 homes. Bill Newton, executive director of the Florida Consumer Action Network, agreed that homeowners will benefit if State Farm stays in Florida. [Palm Beach Post]