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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- DAVID DALLAS — Cannabis for the rest of us
- MARTY WISEMAN: The current racial strife and the failure to educate
- BILL CRAWFORD: Boyce takes hot spot as IHL commissioner
- Source: Bryant has offered Glenn McCullough MDA job
- Planters Bank promotes at 3 locations
- Real Estate Forum panelists: Lenders, investors hungry for deals on residential rentals in Miss., elsewhere
- COMMERCIAL FINANCE 701: Loans disguised as government bonds (BOANs)
- (WITH VIDEO) Funding secured for Capitol Art Lofts in downtown Jackson
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur