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.to the Florida Office of Insurance Regulation, which is reviewing it. Insurers must give the office 90 days' notice if they want to discontinue writing business in Florida.
Farmers joined Bankers Insurance, Centauri Insurance and Lexington Insurance, a subsidiary of AIG, in withdrawing from the market since last year, he added.Florida Insurance Consumer Advocate Tasha Carter called the decision from Farmers Insurance"devastating for all Floridians." proposed by Citizens Property Insurance, said he anticipates that this will result in increased insurance rates and more homeowners relying on the state-run insurer."It's becoming the only insurer in the state of Florida, it seems," he said.Policies under other Farmers brand names won't be affected
The decision to pull business from Florida was"made independently" of a number of legislative changes made to address the insurance market, Yaworsky wrote, and was"part of a broader series of actions Farmers is making across the country and not solely focused on Florida."
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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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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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