State Farm made $5.32 billion last year. Yet it “must” drop homeowner policies in our area. The insurance giant has over covered the Outzen home since 1986. Last Jan. they raised our premium from $3800 to $14800. We’ve had two claims in 19 years – Hurricane Elena (1995) $5K, Hurricane Ivan (2008) $8K. They have made about 75% margin on our policy from 1986-2006.
We dropped State Farm for our home and will drop them for our cars when those policies come up for renewal. There is a problem when the goal of a corporation is solely to maintain high profit margins, not serve its customers.
Florida should revoke State Farm’s license to sell any insurance in the state.
