State Farm Fire & Casualty Co. will no longer offer new property insurance policies within 2,500 feet of the coastline in some areas of Mississippi’s Harrison, Hancock and Jackson counties.
The company made the announcement Wednesday. The policy takes effect Monday, said company spokesman David Majors.
State Farm has the biggest share of business in Mississippi and on the coast, with 30 percent of property insurance policies statewide.
Majors said the company, in assessing its post-Katrina business, decided it would not offer wind coverage within 2,500 feet of the coastline — a 1,500-foot expansion of its previous rule.
Majors said State Farm also will no longer offer other standard coverage, such as fire and theft, in some areas along the coast.
He said those seeking insurance should check with a State Farm agent to see if coverage would be offered in their area. He could not specify areas of coverage.
Many other companies have already pulled out of the wind market in the three coastal counties, but some still offer coverage for other hazards. An independent insurance agent can help find coverage options.
State Farm’s decision does not apply to current policyholders, only new business, Majors said.
Was this article valuable?
Here are more articles you may enjoy.