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: Tax slasher productions comes to Mississippi
- Status of some bills in the Mississippi Legislature
- Proposed ammo ban empties shelves
- Locker doors opening for Clinton inventor after ‘Shark Tank’
- Hattiesburg wastewater treatment system could cost $152M
- Longtime Biloxi mayor Holloway resigns
- (UPDATED — BREAKING NEWS) American Specialty Alloys won’t locate $1.2B mill in Mississippi
- BILL CRAWFORD: Gunn steals tax cut spotlight
- Columbus-built Airbus gets FAA airworthiness approval