Today, AAA decided it won’t be renewing some of its policies. This comes after Famers Insurance announced Tuesday they’re pulling out of Florida.“At some point, if it keeps going up at this rate, we may be[come] older people with no insurance,” Donald Stanton, a Ponte Vedra Beach neighbor, told Action News Jax.
Having lived in his Ponte Vedra Beach home for more than 23 years, Stanton currently has AAA’s combo policy covering his house and auto.“And the homeowners is the biggest ordeal,” Stanton said. “It’s up 55 percent from last year. Last year’s went up 23 and a half percent from the year before.” Matt Carlucci Jr. is the owner of Brightway Insurance Agency in Jacksonville. He says demand is high, but the supply is low.
Carlucci says dozens of carriers have gone out of business, and another dozen have not renewed a portion of their clients.Farmers Insurance Florida withdrawal: What it means for the state and impacted policyholders