Farmers Insurance Withdraws from Florida, Impacting Thousands of Homeowners
Originally Published 2 years ago — by WESH 2 Orlando
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.