State Farm Shifting Flood Policies to Feds

By: The Associated Press
By: The Associated Press

State Farm spokesman David Majors says that, as of the end of May, State Farm had almost 21,000 personal and commercial flood policies in Mississippi and about 8,000 in Alabama.

The Mobile Press-Register reported Saturday that 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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