Approximately 135 homeowners in the Fairhope-Daphne area whose policies were set to be non-renewed by State Farm Insurance are expected to have their coverage retained, Alabama Insurance Commissioner Walter A. Bell said Wednesday.
Previously, State Farm notified the Alabama Department of Insurance that it would non-renew 2,650 policies (approximately 2,300 condominiums and 350 homeowners) over the course of the next 12 months. The affected areas were primarily located within 1,000 feet of the Gulf of Mexico and Mobile Bay.
“We are pleased for the homeowners that will retain policies, which represent approximately one-third of the homeowners’ policies initially set for non-renewal,” Commissioner Bell said. “Let me stress this: we do not consider this matter closed. We will continue to push for available coverage in the affected areas in Mobile and Baldwin counties.
“We look forward to continuing dialogue with State Farm and other companies that have historically written property coverage in the area with the aim of stabilizing the marketplace and making insurance is available and as affordable as possible for our citizens in this very difficult market.”