Farmers Insurance Pulls Out of Florida, Impacting 100,000 Policyholders

Farmers Insurance has decided to stop offering policies in Florida, affecting 100,000 policyholders.

[{"selector":"#anim-3ba0709f-8c92-4939-8c1f-5c48d81871e8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.354832155232454%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] CREDIT GETIMAGE

[{"selector":"#anim-d9cdc495-8374-42c1-9088-b40b4ec3f7fa [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.19770305198929%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] The company's withdrawal includes home, auto, and umbrella policies, forcing affected individuals to find new insurance providers. The company's withdrawal includes home, auto, and umbrella policies, forcing affected individuals to find new insurance providers. CREDIT GETIMAGE

[{"selector":"#anim-43452f51-6475-4859-88d4-de7113c37e92","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Farmers Insurance attributed its decision to manage risk exposure in the hurricane-prone state. Farmers Insurance attributed its decision to manage risk exposure in the hurricane-prone state. CREDIT GETIMAGE

[{"selector":"#anim-f96634d1-b50c-4578-ae9f-44c2c1cce298 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-30.80779812764644%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Customers using Farmers owned subsidiaries like Foremost Signature and Bristol West will not be impacted by this change. Customers using Farmers owned subsidiaries like Foremost Signature and Bristol West will not be impacted by this change. CREDIT GETIMAGE

[{"selector":"#anim-726b1b6c-0784-4000-a701-43f629a2ac78 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(26.96403287908657%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] National insurers, including Farmers, have a minimal presence in Florida's insurance market, holding less than a 2% share. National insurers, including Farmers, have a minimal presence in Florida's insurance market, holding less than a 2% share. CREDIT GETIMAGE

[{"selector":"#anim-8ba7a9db-7e27-4f81-9533-8d8ccd0d4990 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Florida regulations require insurers to give a 120-day notice to policyholders before not renewing their policies. Florida regulations require insurers to give a 120-day notice to policyholders before not renewing their policies. CREDIT GETIMAGE

[{"selector":"#anim-7272e1d6-cf0c-47e7-a6da-016edbc0d0b8","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Multiple home insurers in Florida have halted new business, voluntarily withdrawn, or faced insolvency due to financial concerns. Multiple home insurers in Florida have halted new business, voluntarily withdrawn, or faced insolvency due to financial concerns. CREDIT GETIMAGE

[{"selector":"#anim-282ac8a0-9d24-4a3f-88df-22eb01c028b4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The volume of lawsuits and market conditions continue to pose challenges for insurers despite recent reforms in Florida. The volume of lawsuits and market conditions continue to pose challenges for insurers despite recent reforms in Florida. CREDIT GETIMAGE

Farmers Insurance Pulls Out of Florida, Impacting 100,000 Policyholders

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Farmers Insurance Pulls Out of Florida, Impacting 100,000 Policyholders

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Farmers Insurance has decided to stop offering policies in Florida, affecting 100,000 policyholders.

Farmers Insurance has decided to stop offering policies in Florida, affecting 100,000 policyholders.

Farmers Insurance Pulls Out of Florida, Impacting 100,000 Policyholders

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