Darr Schackow Insurance Blog

There are two things that are going to affect the home insurance market in 2010.  The first one is that State Farm is non-renewing 125,000 policies starting in august of 2010.  August is the middle of hurricane season and sometimes it can get very hectic.  We have seen some companies just stop writing new policies during hurricane season to focus on being ready for a storm.  They move their employees to teams that are ready to be deployed in case of a catastrophic storm.  We are advising any customers that are being non-renewed to try and move to a new company as soon as possible.  There are capacity issues that some of the good companies will face.   

The second thing that will affect the home insurance market in 2010 also involves State Farm which is the second largest carrier in Florida.  They have raised their insurance rates by approximately 45%.  That means that many people are already shopping for insurance and switching to the new carriers.  If 60+ percent of the State Farm customers move their business because of rates or a non-renewal, that means roughly 600,000 policies will be up for grabs in Florida!  I am just not sure the few carriers that are still here can take on that much new business.

Call our office today to start working with one of our professional agents and get ahead of the rush!