Once again our readers gave it to us with both barrels when we asked them in an online poll what they thought about the fracas in Florida between State Farm and the coastal property insurance market.
Our question centered on what will happen to the current State Farm agency force when the company pulls out of the state–and, if they're allowed to compete as independent agents, whether they present a threat to independent agents.
When asked if State Farm agents in Florida should compete with independent agents, 37.5% said yes, while 62.5% said no.
When asked if they would be worried about the competition if they were doing business in Florida, 31.25% said yes, and 68.75% said no.
As usual, the individual comments are the best:
"I wouldn't even think of living there. State officials are nuts."
"Maybe they could all get contracts with Allstate."
"Florida CFO: butt out. The State Farm agents signed the contract."
"State Farm AND its agents have both made a fortune from the clients they 'served.' Get the company out of Florida and let their agents resign from the company."
"If this really does happen, most State Farm agents will find a way to open an independent agency, whether licensing their spouse or other trusted person, and move the business. I feel they have had a good run with State Farm in the past and never paid attention to the independent market because they enjoyed favorable pricing. You live by the sword, you die by the sword."
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