State Farm Florida Withdraws its Plan to Leave the State and Agrees to Non-Renew no More than 125,000 Residential Property Policies

The Florida Office of Insurance Regulation (OIR) has entered a Consent Order today resolving the attempt by State Farm to leave the Florida property insurance market.

According to a press release by the OIR, State Farm will be allowed to non-renew no more than 125,000 of its 810,416 homeowner policies and will be granted a 14.8% rate increase.

You can read details in the OIR press release here, and read the Consent Order here.