Florida homeowners take major hit in crumbing property insurance market

Today, the insurance group announced it’s ending three policies in Florida: residential, auto and umbrella.You can already see those changes online. If you type in a zip code from Jacksonville on theFarmers Insurance leaving FloridaThis move could affect an estimated 100,000 policies.

Florida State Representative Anna Eskamani from Orlando said Florida is a high-risk place to live and legislators have been dropping the ball. “The options have become more narrow, the costs have gone up,” Eskamani said. “And so you really have to give Floridians a life vest to survive.”Action News Jax reached out to the Florida Office of Insurance Regulation. In an emailed statement, the office said the notice they received from Farmers Insurance is marked as a “trade secret.” They added that they are, “committed to doing everything possible to ensure consumers have coverage available.

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Another major insurance company limits new homeowners insurance in CaliforniaFarmers, the second-largest provider of homeowners insurance in the state, said it placed the cap on the number of policies in California effective July 3. The company cited high costs and wildfire…
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