From the Palm Beach Post:
Former state Rep. Don Brown, R-Defuniak Springs, says in a letter in today’s Palm Beach Post that State Farm pulling out of Florida is a sign that that Gov. Charlie Crist’s property insurance plans are “unraveling.”
Those who know the world of finance say that State Farm has the money to pay claims, at least for now. But having been denied a much-needed rate increase, State Farm can’t guarantee that will be the case much longer.
So, going into this hurricane season, are you betting on the governor or State Farm to be able to bring cash to the disaster? If you’re betting on the governor, good luck. You may need a lot of it.