State Farm Covers Its Butt
March 19, 2008
State Farm, Alabama’s largest property insurer, will no longer write wind and hail coverage on homes south of Interstate 10 and west of U.S. 98 in Baldwin County.
Why? The threat of hurricanes have the company protecting itself against potential losses. State Farm’s current policy-holders will not be affected by the decision.
Property insurance is already high in Alabama — the ninth highest in the nation. With State Farm bowing out of the competition, there’s less to stop other companies from raising their prices.
So what are your alternatives? The “insurer of the last resort” is the state operated Alabama Insurance Underwriting Association (aka the Beach Pool) that covers fire, vandalism, wind and hail to the beach areas in Mobile and Baldwin Counties. Another avenue is looking into independent insurance brokers.
Entry Filed under: Insurance, Mobile Press-Register, Real Estate. Tags: Beach Pool, Property Insurance, State Farm.
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