The Florida State Office of Insurance Regulation (OIR) approved a request by State Farm Florida to drop property insurance discounts, including for monitored alarm systems, when policies come up for renewal after Dec. 1.
Eliminating the discounts will increase property insurance premiums for State Farm Florida customers by a statewide average of 28 percent, according the OIR. Policy discounts for residential and commercial alarm systems are oftentimes an important sales tool for installing security contractors.
Gary Franklyn of Security Networks in West Palm Beach, Fla., made the National Burglar & Fire Alarm Association (NBFAA) aware of this change.
The modifications will take affect beginning November 1 for new customers and December 1 for renewing customers. State Farm Florida says it will send renewal letters 100 days in advance of policy renewals, informing customers how their premiums will change under the new policy.
Currently, only State Farm Florida has requested this change in policy, according to the NBFAA.
