After Gov. Charlie Crist announced that he was vetoing House Bill 1171, widely known as the “State Farm Bill”, State Farm announced that they planned to continue with their plans—expressed on Tuesday—to exit the state’s home insurance market within the next two years.
Crist had previously expressed reservations over the bill, stating that it had “no provisions that [allowed] consumers to renew options and make a choice that best [fit] their needs.” According to State Farm and their supporters; however, the bill would have allowed them to raise rates to more “realistic” levels to cover potential losses, without being subject to state regulation.
The Republican-controlled Legislature, which overwhelmingly supported the bill, is not pleased with Crist’s veto. House Speaker Larry Cretul called Crist’s veto a “disappointment” and prominent leaders in the House and Senate are now hinting at efforts to override the Governor’s veto.