During a press conference held by former governor Charlie Crist, West Palm resident Philip Levitt shared difficulties finding home insurance.Farmers Insurance will stop writing new business and not renew its existing “Farmers-branded” automobile, home and umbrella policies in the Sunshine State, the company said Tuesday.
The move will impact 30% of the company's business in Florida, or roughly 100,000 policies. Policyholders affected by the decision are required to be given 120 days' notice that their coverage will not be renewed. This marks the latest stumble into instability for Florida’s property insurance market. Seven Florida property insurers were declared insolvent in the past 18 months, and another 15 have stopped writing new business in the same time period, said Mark Friedlander, spokesperson for the Insurance Information Institute.
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