“It also revealed that Florida’s vulnerability to hurricanes had been seriously underestimated,” the report said.
“The event brought a harsh awakening and forced individuals, insurers, legislators, insurance regulators and state governments to come to grips with the necessity of preparing both financially and physically for unprecedented natural disasters.”Florida isn’t the only state experiencing insurance woes related to climate change and natural disasters. State Farm announced this past May that it
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Farmers Insurance pulls out of the Florida marketThe Florida insurance market took a hit Tuesday, as Farmers Insurance said it will end residential, auto and umbrella policies in the state, forcing tens of thousands of customers to look elsewhere for coverage.
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Farmers Insurance pulls out of Florida, affecting 100,000 policyholders | CNN BusinessFarmers Insurance will stop offering its policies in Florida, which includes home, auto and umbrella, in a change that will affect 100,000 people.
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