State Farm Insurance will no longer be involved in the property insurance market in Florida! This move will more than likely send thousands of homeowners looking for an insurance policy over to Citizens Property Insurance Corp, a state backed property insurer.

Ten years ago, State Farm Florida was created to limit liability mostly to hurricane victims and became one of the state's largest private insurers to homeowners. Recently, State Farm Florida lost a legal battle that was intended to raise property insurance rates by 47%, according to president, Jim Thompson,this was the last straw. Although State Farm is ridding itself of multiple insurance markets, it still remains in the auto insurance industry. According to Governor Charlie Crist, "They probably charge the highest rates in the state, anyway. Floridians will be much better off without them.

If you currently are a homeowner policyholder with State Farm, don't panic! The Office of Insurance Regulation has 90 days to approve State Farm's plan and if it is approved, then State Farm must allow 180 days notice to the customers before anything can be done.