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Farmers Insurance

All articles tagged with #farmers insurance

business2 years ago

Farmers Insurance Implements Large-Scale Layoffs to Boost Profitability

Farmers Insurance is laying off 2,400 workers, representing 11% of its workforce, as part of cost-cutting measures and a focus on long-term profitability. The move comes amidst a challenging year for the California insurance market, with rising construction costs, reinsurance fees, and growing wildfire risks impacting insurers. Farmers' decision to not accelerate growth in the state follows similar actions by State Farm and Allstate. The company also plans to pull back further in Florida. While Farmers has fared better than its competitors, industry groups are calling for regulatory reforms to address the market challenges. Critics argue that proposed changes would amount to a "multi-billion dollar bailout" for the insurance industry.

via Los Angeles Times|
#business#california-insurance-market#farmers-insurance
business2 years ago

Insurance Companies' Troubling Decision: Pulling Out of States, Leaving Thousands Uninsured

Farmers Insurance is discontinuing its company-branded homeowners, auto, and umbrella policies in Florida, affecting around 100,000 existing policies and any future customers. The decision is due to concerns about natural disasters exacerbated by climate change. Florida has experienced numerous destructive hurricanes and storms, making insurance coverage expensive and risky. Farmers Insurance is the fourth insurer to leave the state in the past year. Rising temperatures and extreme weather events caused by human-induced climate change are leading insurance companies to withdraw from high-risk areas like Florida and California, resulting in harder-to-find and more expensive insurance policies for residents.

via Yahoo News|
#business#climate-change#farmers-insurance
business2 years ago

Farmers Insurance Withdraws from Florida, Impacting Thousands of Policies

Farmers Insurance has announced that it will no longer offer coverage in Florida, affecting approximately 100,000 policies. This decision comes as the fourth major insurer to withdraw from the state in the past year, highlighting the increasing instability of Florida's insurance market due to the growing threat of extreme weather events. The move is seen as a necessary step to manage risk exposure, and it follows similar actions by Allstate and State Farm. The exodus of insurers from Florida is indicative of the impact of climate change on the insurance industry, with homeowners in the state already paying significantly higher rates for coverage.

via CBS News|
#business#climate-change#extreme-weather
insurance2 years ago

Farmers Insurance Exits Florida, Leaving Thousands Without Coverage

Farmers Insurance has become the latest property insurer to withdraw from Florida, citing risk exposure in the hurricane-prone state. Despite efforts by the state's legislature and Governor Ron DeSantis to stabilize the market, rising premiums have made home ownership less affordable. The decision by Farmers will impact new coverage of auto, home, and umbrella policies issued through its exclusive agency distribution channel. While 70% of current policies will not be affected, critics argue that DeSantis should focus more on addressing the affordability of housing and insurance rather than divisive cultural issues. The state's insurance regulation office expressed disappointment with the decision, highlighting potential cascading impacts on policyholders. Florida has struggled to maintain a healthy insurance market since Hurricane Andrew in 1992, and the climate crisis has further increased risks for carriers.

via The Guardian US|
#farmers-insurance#florida#homeownership
insurance2 years ago

Farmers Insurance Cuts Coverage in Florida and California Amid Rising Natural Disaster Costs

Farmers Insurance plans to reduce its coverage in Florida, leading to some Floridians needing new auto, home, or umbrella insurance policies. The decision only applies to policies issued through the exclusive agency distribution channel, and 70% of current policies will not be affected. Farmers Insurance will inform impacted policyholders of the timeline for losing coverage and provide options for replacement. The move comes as the Florida insurance market faces difficulties, with some insurers becoming insolvent and others halting coverage. The Florida Office of Insurance Regulation is reviewing the notification, and Farmers Insurance has committed to facilitating a smooth transition for affected policyholders.

via Fox Business|
#coverage-reduction#farmers-insurance#florida
business2 years ago

Farmers Insurance Withdraws from Florida, Dropping Thousands of Policies

Farmers Insurance has announced that it will be leaving its business in Florida, following its exit from the California market earlier this year. The company will stop writing new business and will not renew existing policies in Florida, affecting approximately 100,000 policies. The decision is said to be necessary to manage risk exposure. The move comes as Florida residents face skyrocketing home insurance premiums, with an average increase of 42% compared to last year. The withdrawal of Farmers Insurance leaves residents with limited options and higher costs, potentially forcing more homeowners to rely on the state-run insurer, Citizens Property Insurance.

via USA TODAY|
#business#farmers-insurance#florida
business2 years ago

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.

via Tampa Bay Times|
#business#farmers-insurance#florida
business2 years ago

Farmers Insurance Withdraws from Florida, Impacting Thousands of Homeowners

Farmers Insurance Group is cutting 100,000 policies in Florida, including home, auto, and umbrella insurance, due to the challenges presented by hurricanes and flooding in the state. This decision is aimed at effectively managing risk exposure. Florida Chief Financial Officer Jimmy Patronis expressed anger and vowed to hold the company accountable. Farmers had previously stopped writing new policies in Florida. Independent insurance agents and the state are urging affected policyholders to seek alternate coverage. Farmers will need to file a market exit plan for approval by the state.

via WESH 2 Orlando|
#business#farmers-insurance#florida
business2 years ago

Farmers Insurance Joins Exodus from Florida Amid Property Insurance Crisis

Farmers Insurance has announced its decision to leave the Florida insurance market, affecting approximately 100,000 policyholders. The company stated that only Farmers-branded insurance products will be discontinued, while other insurance companies under Farmers will remain in the market. This move comes as the Florida property insurance market faces a crisis with high prices and fewer companies writing policies. Florida lawmakers have attempted to stabilize the market through legislative reforms, but the benefits are not expected to be immediate. The instability has led many homeowners to turn to Citizens Insurance, the state's insurer of last resort.

via WKMG News 6 & ClickOrlando|
#business#farmers-insurance#florida
insurance2 years ago

California Homeowners Face Insurance Challenges as Major Insurers Limit Coverage

Farmers Insurance, the second-largest provider of homeowners insurance in California, has limited new policies in the state due to high costs and wildfire risks. This follows similar decisions by State Farm and Allstate, who cited the same reasons for no longer writing new homeowners policies in California. Rising temperatures worldwide increase the risk of extreme wildfires in the coming years.

via The Mercury News|
#california#farmers-insurance#homeowners-insurance
insurance2 years ago

"California Homeowners Struggle to Find Insurance Coverage Amidst Market Turmoil"

Farmers Insurance has joined Allstate and State Farm in limiting coverage for homes in wildfire-prone areas of California due to rising costs and severe weather events. As a result, homeowners seeking new coverage may need to turn to the FAIR Plan, which offers insurance of last resort but may not provide sufficient coverage for large homes or full replacement. Additionally, the California Earthquake Authority is also limiting payouts for earthquake insurance. Homeowners are advised to review their coverage, consider extended replacement cost endorsements, document their belongings, and ensure their evacuation plans include provisions for pets.

via KTLA Los Angeles|
#california#fair-plan#farmers-insurance
insurance2 years ago

Farmers Insurance Implements Home Policy Restrictions in California

Farmers Insurance is placing limits on new homeowners policies in California, following similar announcements by All State and State Farm. The move comes as homeowners in wildfire-prone areas struggle to find affordable fire insurance. Critics argue that insurance companies are trying to pressure state regulators into approving rate hikes. Homeowners like Suki Dennis are left with limited options and are forced to pay high premiums, with Dennis now paying close to $7,000 a year for coverage.

via CBS San Francisco|
#california#farmers-insurance#homeowners-policies
business2 years ago

Farmers Insurance Implements Restrictions on California Homeowner Policies

Farmers Insurance has announced that it will limit new homeowner insurance policies in California due to rising inflation and increased costs from severe weather events. The decision, effective July 3, is aimed at managing the company's business while serving existing customers. This follows similar moves by Allstate and State Farm in June, who also restricted their insurance offerings in the state. The limitations come after California Insurance Commissioner Ricardo Lara implemented new insurance protections, including increased payouts and benefits for wildfire survivors, to reduce costs and enhance transparency.

via KTLA Los Angeles|
#business#california#farmers-insurance
business2 years ago

California Homeowners Face Insurance Limitations and Wildfire Risks

Farmers Insurance has become the third major insurance company to limit homeowner policies in California, following similar moves by Allstate and State Farm. The company cited rising inflation, severe weather events, and increasing reconstruction costs as reasons for the policy limitations. Farmers Insurance will now only write new homeowners insurance policies in California up to a level consistent with their projected monthly volume before recent market changes. While more than 100 insurance companies are still operating in the state, consumer advocates suggest that smaller companies may be able to provide assistance. California Insurance Commissioner Ricardo Lara stated that his department does not have the authority to reverse the decisions of these companies and will instead focus on protecting consumers and ensuring coverage.

via KCRA Sacramento|
#availability#business#california