Insurance company pulls out of Florida; 100K policyholders affected

The company said the move will affect only Farmers-branded policies and will not affect policies sold in the state by subsidiaries Foremost and Bristol West. It indicated the Farmers-branded policies make up about 30 percent of the policies sold by the affiliated companies in Florida.

A source told The News Service of Florida that about 100,000 Farmers policies across the residential, auto and umbrella lines of business could be affected, though a breakdown by policy type was not available.A state report indicated that, as of Dec. 31, Farmers Casualty Insurance Co. had 5,835 residential policies. By comparison, Foremost Insurance Co. and Foremost Property and Casualty Insurance Co. combined for nearly 62,500 residential policies, according to the report.

“The only time your office has held an insurance company accountable is when you’re looking to collect a campaign check,” Cassel tweeted.Samantha Bequer, a spokeswoman for the Office of Insurance Regulation, said in an email that the agency received a notice Monday from Farmers about exiting the market. The notice was listed as a “trade secret,” so its details were not publicly available Tuesday.

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Insurance company pulls out of Florida; 100K policyholders affectedThe 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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Another major insurance company limits new homeowners insurance in California | CNN BusinessFarmers Insurance has limited new homeowners insurance policies in California, joining other major national insurance providers.
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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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Another insurance carrier is pulling its business from Florida: What it means for youFarmers Insurance will no longer write new business and not renew auto, home or umbrella policies within its 'Farmers-branded' offerings in Florida.
منبع: Florida Times-Union - 🏆 600. / 51 ادامه مطلب »