State Farm shifting flood business to FEMA

MOBILE, Ala. — State Farm Fire and Casualty Co. says it’s shifting its flood insurance business to the federal government, affecting thousands of policyholders in Alabama and Mississippi.

Company spokesman David Majors says that as of the end of last month, State Farm had almost 21,000 personal and commercial flood policies in Mississippi and about 8,000 in Alabama.

The Press-Register in Mobile, Ala., reports the Illinois-based insurer will gradually transfer those policies to the Federal Emergency Management Agency beginning in October.

Although FEMA is responsible for overseeing the federally-backed flood insurance program, it relies heavily on private insurers to market policies and adjust claims in return for various fees and commissions.

Close this Window Bookmark and Share This Page

Save to Browser Favorites / Bookmarks

Print RSS Feed Ask backflip blinklist BlogBookmark Bloglines BlogMarks Blogsvine BuddyMarks BUMPzee! CiteULike co.mments

Connotea del.icio.us Digg diigo DotNetKicks DropJack dzone Facebook Fark Faves Feed Me Links Friendsite folkd.com

Furl Google Hugg Jeqq Kaboodle kirtsy linkaGoGo linkedin LinksMarker Ma.gnolia Mister Wong Mixx MySpace

MyWeb Netvouz Newsvine oneview OnlyWire PlugIM Propeller Reddit Rojo Segnalo Shoutwire Simpy Slashdot

Sphere Sphinn Spurl Squidoo StumbleUpon Technorati ThisNext Tumblr Twitter Webride Windows Live Yahoo!

Email This to a Friend

Copy HTML: 

 If you like this then please subscribe to the RSS Feed.

More »