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If you live in coastal Mississippi, and your insurance is with State Farm, you may want to rethink that this summer.
Intentions have been filed with the Mississippi Insurance Department by the State Farm Fire and Casualty Company stating that the insurer plans to non-renew homeowners policies for Mississippi customers living within a thousand feet of the Gulf of Mexico.
According to State Farm spokesperson Fraser Engerman, this action only involves 892 customers, which represents less than half a percent of the insurance company’s total book of business in Mississippi. Engerman also assured customers that the policies would not be non-renewed until the 2008 hurricane season ends on November 1st.
Other customers who will have insurance issues include about 5,000 homeowners who live between 1,000 and 2,500 feet from the Gulf. Their policies will be renewed, but with wind or hail exclusions attached to them.
In addition to their intent to non-renew policies, State Farm files for an average rate increase of 13.6% for their Mississippi clients.