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.
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