State Farm will return to the property insurance market in Florida almost 10 years of canceling thousands of homeowners' insurance policies in the state, according to My FOX 13 Tampa Bay.
"We have shared business information with agents about State Farm Florida's efforts to expand our offering of new Homeowner and Renters policies on a limited basis," says State Farm in a statement to FOX 13. The insurer told the news source that it could not provide details as to how many policies it would add, where it would assume risk, or the rates it will charge.
State Farm exited the Fla. property insurance market in 2009, claiming a wave of government-imposed caps on rate increases had weakened its financial position, says FOX 13. Since then, property insurers have collected more than $7.7 billion in premiums from Fla. homeowners, while only paying $2.5 billion in losses, according to an annual report by the Office of Insurance Regulation.
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