Farmers Insurance Withdraws Coverage from Florida, Impacting Thousands of Homeowners

Farmers Insurance has announced that it will be dropping home, auto, and umbrella policies across Florida, making it the fourth company to leave the state's insurance market in the past year. The decision, which potentially affects tens of thousands of people, comes as homeowners in Florida are already paying record-high insurance premiums. Farmers cited rising risks from hurricanes as the reason for its withdrawal, and the company has also reduced new business in California due to extreme weather and wildfire threats. The move follows years of turmoil in Florida's property insurance market, with Floridians paying the highest property insurance premiums in the nation. Despite recent insurance reforms, premiums continue to rise, and many insurers have stopped writing new policies or pulled out of the state.