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State Farm dropping property insurance

State Farm dropping property insurance in Fla. State Farm, smacked down by state regulators in its attempt to raise homeowners rates an average 47 percent, is getting out of the property insurance business in Florida, leaving nearly a million policyholders out of luck. The plan requires regulatory review. State Farm said in a release it will take no action until the regulatory process is complete. "State Farm Florida emphasized that it was submitting a two-year plan that seeks to limit disruptions for customers, and if approved, will allow them time to find coverage with other insurers," the company said in a release. The company will continue to sell auto insurance in the state. State Farm, other insurance companies, regulators, lawmakers and consumers have been at odds in storm-ravaged Florida since the 2004 hurricane season when property insurers said they lost everything they'd made in the state in the dozen years before. "Faced with steeply decl


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