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Statement by CFO Sink on State Farm’s Decision to Withdraw from Insuring Homeowners Policies in Florida

1/27/2009

CONTACT:   
Tara Klimek or Kevin Cate
850-413-2842
 
TALLAHASSEE – Florida Chief Financial Officer Alex Sink today offered the following statement:
 
“It is unfortunate and disappointing that State Farm Florida has decided to move out of the neighborhood. 
 
“My concern goes out to the more than one million Floridians who will need to transition to a new insurance company during the next two years.  We will assemble a team of trained consumer specialists within my department to assist Floridians who might have questions about finding a new insurance policy.  We will also continue to post helpful information on our Web site, and my toll-free consumer helpline is ready to help homeowners. 
 
“Fortunately, there are a number of insurance companies that are committed to helping Florida’s families protect their property and assets.  The Florida insurance market has become more competitive, and I encourage consumers to shop around when they begin to look for a new policy.”
 
As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.