Crist Vetoes Insurance Policy Legislation
Gov. Charlie Crist vetoed legislation today (June 24) that would have allowed the state’s largest insurance companies to offer deregulated policies.
If Crist had signed the legislation, State Farm may have decided to stay in Florida, although the company never openly took the stance, according to the Capitol News Service.
State Farm spokesman Justin Glover says the company is losing money and is moving forward with plans to drop its one million homeowner policies over the next two years.
State Farm will continue to offer auto insurance, but homeowners’ policies account for about a third of the company’s business. The decrease in business will hit the company’s agents the hardest as they brace for a pay cut.
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