State Farm Bails Out of the Hurricane State, Florida Says Good Riddance

State Farm Insurance announced on Tuesday that they were pulling out of Florida, discontinuing all policies in the state within two years. Gov. Crist displayed a seeming, "good riddance" attitude toward the insurance giant, claiming they have been uncooperative, antagonistic business partners to the state, have asked for more rate increases than any other insurance firm, and now have asked to be allowed to offer selective policies throughout the state. Crist said, "They probably charge the highest rates in the state anyway. Floridians will be much better off without them." Taking a cue from the governor, the state Insurance Commissioner Commissioner Kevin McCarty has subpoenaed State Farm's client record for Florida, saying in a press release today, "We need to fully understand all the potential risks, so that we can properly evaluate State Farm’s withdrawal plan." Florida State Senator Mike Fasano (R) was quoted yesterday saying, "They should be ashamed of themselves," and is calling for legislation in the state Senate to prevent "cherry picking," or selective policy offerings, and to forbid any insurer from canceling more than 2 percent of existing homeowner insurance policies in any given year.