Madfloridian's Journal - State Farm agent...shop somewhere else if you don't like rates of deregulated companies.

Things are happening fast now about the new bill that would allow State Farm and a few other elite type companies to set their own rates while other companies' rates are regulated.

Charlie Crist vetoed the bill today, but odds are good the legislature will override his veto.

We have been with State Farm for 40 plus years, but tomorrow I call my credit union which has offered to help us do a search for a new agent. We have stuck around and waited, but the attitude now is getting to me.

The agent in this video says if you don't like the rates of the companies that are deregulated, then "shop somewhere else." Thanks, Kathy Fain, I think we finally just might do that. I wonder if that attitude is prevalent among agents right now? The agents and their staffs have a lot to lose if State Farm leaves.

It does not seem fitting for Ms Fain to sound so arrogant. There are approximately 800 agents and 4500 staffers with State Farm. It will be devastating if they leave.

Ms Fain is not our agent, but the tone just hit me so wrong.

Here is a summary of what happened today and a look at the bill.

Crist vetoes the so-called "State Farm" bill. GOP legislators vow override.

Gov. Charlie Crist has vetoed the “State Farm” bill, a bill that would have allowed large insurance companies to sell property insurance policies with unregulated rates.

In his veto message, Crist said the bill would benefit “a select group of property insurance companies” and allow them to “cherry-pick, or sell only to profitable policyholder risks” while “offloading their undesirable policyholders that are higher risk to their competitors and Citizens Property Insurance.”

He said the bill also contains no guarantees that the companies allowed to sell the non-regulated policies would stick around—they could still dump their policyholders and leave the state.

..."Rep. Bill Proctor and Sen. Mike Bennett, sponsors of the insurance rate deregulation bill (HB1171) vetoed earlier today by Gov. Charlie Crist, are among the many legislation supporters (AIF, Florida Chamber, to name some) who are issuing statements of "disappointment" in his decision.

But the joint statement issued by the lawmakers is significant in hinting at plans to seek a veto override. That would require a 2/3 vote by both chambers. During session the bill got yes votes from 85 percent of the Legislature.

State Farm arrogantly says they are pushing ahead with their plans to pull out.

"State Farm officials in the Winter Haven Regional Office indicated Wednesday they are going ahead with the plan to pull its property insurance business out of the state.

“Obviously we are greatly disappointed along with the majority of legislators, who approved the Consumer Choice Bill and the majority of Floridians that the governor chose to veto the bill,’’ said Michal Connolly, State Farm spokesperson.

“We will proceed with those plans to discontinue Florida property lines. We are in active negotiations with the Office of Insurance Regulation on our timeline,’’ she said"

We had tried to be practical and remain where we were if possible. But all of it today just hit me wrong.

Oh, and if you don't want to insure my house you don't get to insure my car.