Well, there seems to be one company bright enough to make some money on the Florida insurance debacle.
When I switched to State Farm this year, I was able to double my liability coverage on my home and vehicles, and add a million dollar umbrella policy on my rental (even though they don't even directly insure seasonal rentals), for less than I was paying with USAA.
I asked the agent how they are able to do this when everyone else is pulling out, from all those freakish Florida hurricanes that never happened before, and he told me it was because State Farm has never offered coverage in high-risk coastal areas, and they only sell insurance to people with excellent insurance histories, who don't steal roofs.
Doh! Why didn't anyone else think of that? I guess someone at State Farm must own a map, and discovered that The Villages is 80 miles from the ocean and not a suburb of Tampa!
|