NEW SMYRNA BEACH, Fla. -- The state's largest private insurance company says it's giving up on Florida. State Farm Insurance says it won't write any new property insurance policies in the state and it's dropping 50,000 current customers.

Those being dropped are the customers considered to be high risk, but a New Smyrna Beach homeowner is being dropped and, while her house was built in the late 1930s, she has never in all those years suffered storm damage or filed a claim on her policy. Her house isn't even on the coast. It's a block away from the little river that leads to the intercoastal.

For 15 years, Betty Carithers has enjoyed the view from her front porch. But this week she was notified come June she'll no longer be insured.

"I'm being put in a place where I feel at risk," Carithers said.

Carithers is one of 50,000 Florida residents that recently received a letter from State Farm stating her policy will not be renewed. She lives in an area considered high risk.

The company says, since it started covering Florida in 1998, it has paid out $4.5 billion dollars more in claims than it collected in premiums. On top of cancelling thousands of policies, State Farm announced Friday it will no longer write new homeowner policies. That leaves Carithers with few options. One is to seek insurance through state-run Citizens Property.

"If I have to pay more for coverage with a major company, that is what I would like to be able to choose to do," she said.

But legislative changes last year forced insurers to lower premiums and, in Carithers' eyes, rob her of options. She doesn't trust Citizens to be able to come up with the money if something were to happen.

"Citizens is in much better shape than it was three years ago. Three years ago it was in the hole. It's a few billion in the good right now," said State Senator Bill Posey.

Posey maintains the legislation passed was necessary and Citizens will be there. What he doesn't buy is State Farm not being a good neighbor to Florida.

"They should make money in good times and lose money in bad times. The whole purpose of insurance is to take on a risk," he said.

Critics of insurance reform said they are not seeing the savings Governor Crist promised. Despite the legislation, 12 insurance companies have requested rate increases. Some believe if a catastrophe happens the state won't be able to cover its losses.