ST. PETERSBURG (CBS4) ― The state's largest private insurer has announced that it will no longer write homeowner's policies in Florida.
State Farm said it decided to implement the decision after state lawmakers passed legislation last year to reduce property insurance rates. The company said if they were to reduce their rates, they would not have the reserves needed to pay claims for their existing clients. More than one million homeowners who currently have policies with State Farm will not be affected by the decision.
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