State Farm Florida Stampede Reveals Frightening Statistics According to Home Insurance Buyers Guide, LLC

Last Week's Announcement by State Farm Florida to Discontinue Selling Property Insurance in Florida Sent Thousands of Customers Into a High Stakes Search for a New Florida Home Insurance Company and Provided Shocking Insights That Suggest the Florida Home Insurance Crisis Is Far From Over

• Press Release
• Source: Home Insurance Buyers Guide, LLC
• On 10:00 am EST, Thursday February 5, 2009

LAKE WORTH, FL--(MARKET WIRE)--Feb 5, 2009 -- Home Insurance Buyers Guide, LLC (www.homeinsurancebuyers.org) today released the first look at the profile of State Farm Florida Insurance customers affected by last week's announcement. The company offers a searchable database where homeowners can find, screen, and contact Florida home insurance companies still writing new business.

"We're the only organization collecting real time data directly from consumers as they respond to cancellations and overpriced, hard to find Florida home insurance," said company President Michael Letcher.

"As State Farm Florida customers in 32 Florida counties began their scramble to find private Florida home insurance after last week's announcement and subscribed to our service, they provided a rare, inside look at what the Florida home insurance market will face as it attempts to absorb hundreds of thousands of policy cancellations. Not all the news is good:

-- These long-time customers remained loyal to the end, giving State Farm Florida an average satisfaction rating of '6.0' on a scale of '1-10' despite the announcement.

-- The average policy expiration date was 7/6/09 as these experienced Florida homeowners insurance consumers wasted little time in starting their search for a new company.

Many of these homes have features that will dramatically increase the chances that they will end up in Citizens Property Insurance Corporation or be only temporarily accepted by a private company:

-- The average year of construction was 1981, with many built between 1950 and 1970. 72.1% of the homes were built prior to 1995 before the stronger building codes.

-- 72.9 % of these homes do not have hurricane shutters."

Mr. Letcher concluded, "This is just the beginning of a long, painful process. As the Florida home insurance crisis continues, we'll be there to help Floridians find, screen and contact the Florida home insurance companies looking to compete for their business."

About Home Insurance Buyers Guide, LLC

Home Insurance Buyers Guide, LLC is an independent, unbiased organization helping consumers get more Florida home insurance quotes. Learn more at: www.homeinsurancebuyers.org.