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Originally Posted by Rich Z
That used to be true, but no longer. Did you know that most (if not all) of the insurance companies have spun off Florida into it's own separate insurance company? i.e., State Farm Florida, and Allstate Florida, etc.? That's so that each of those companies can go bankrupt and it won't touch the main company.
Pretty nifty of them, eh? "Good hands" and all that stuff...........  |
Yeah..."like a good neighbor...State farm is....whoa! What! Where'd they go?!
"
Yep, I did actually.
I was talking to a friend of mine about a week ago. He's a local insurance agent (who despises the industry as much as I do, but it pays for his toys
). He's the SAR coordinator for our local 4WD organization.
Basically what has happened, is they (insurance companies) have as you said, separated Florida from the main company, and into subsidiaries. They can then claim huge "losses" in Florida while keeping the main company well into the black. It's a shady tactic at best, but apparently, perfectly legal
Our insurance commisioner has no, well, I'll refrain from comment, but lets say they do little to prevent the companies from running roughshod over the citizens
.
You're absolutely correct on your statement.