Is this good news or bad? Well, the good news for the State of Florida is that State Farm will stay. For the 15% or 125K people that will get dropped, they will be in sticker shock looking for new coverage. This on top of the fact that finding companies for all of them will be dificult at best. If you are lucky enough to not get dropped, what will your policy cost now when this process is complete?  Well, first you have the loss of all discounts already started by State Farm which amounts  to a 27% increase. The 15% state wide average will amount to nearly 30% in South Florida and that 27% has cost some up to 70% to their policies as well. State farm will still also try to reduce the amount of discount being given for mitigation discounts as well. If all 3 areas affect your home, your increase could amount to 50-100% or more!!!! The real sad news is that this is the good news.If you get dropped you will have to find new coverages with the other Florida based companies. The prices should be very competitive and likely to be much cheaper, but will they have the ability to take on another 125,000 homes with the capacity requirements? State Farm agents will do their best to put you in  Citizens Insurance, but this is the worst choice of all. Please contact my ofice for all the reasons why! Please read the full story below;

http://www.insurancejournal.com/news/southeast/2009/12/16/106027.htm

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