Insurance Policies News

insurance2 years ago•3 min saved

Insurance Exodus: AAA and Farmers Pull Out of Florida Amidst Worsening Storms

AAA will not renew a small percentage of homeowners and auto insurance policies in hurricane-prone Florida due to rising reinsurance rates following the devastating 2022 hurricane season. The affected policies are higher exposure package policies underwritten by Auto Club Insurance Company of Florida. This decision adds to the growing list of insurers limiting their exposure in the state, leading to concerns about rising home insurance costs and limited options for homeowners.

via The Associated Press|

#aaa #florida #homeowners

insurance2 years ago•2 min saved

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•6 min saved

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

Allstate halts California home-insurance sales due to wildfire risks.

Allstate has stopped selling new home-insurance policies in California, citing the increasing risk of wildfires. The company has stated that it will continue to renew existing policies and provide coverage for current customers. This move comes as insurance companies are grappling with the rising costs of natural disasters, particularly wildfires, which have become more frequent and severe in recent years.

via The Wall Street Journal|

#allstate #business #california

business2 years ago

Allstate halts California home-insurance sales due to wildfire risks.

Allstate has stopped selling new home-insurance policies in California, citing the increasing risk of wildfires. The company has stated that it will continue to renew existing policies and provide coverage for current customers. This move comes as insurance companies are grappling with the rising costs of natural disasters, particularly wildfires, which have become more frequent and severe in recent years.

via The Wall Street Journal|

#allstate #business #california

business2 years ago

Allstate halts California home-insurance sales due to wildfire risks.

Allstate has stopped selling new home-insurance policies in California, citing the increasing risk of wildfires. The company has stated that it will continue to renew existing policies and provide coverage for current customers. This move comes as insurance companies are grappling with the rising costs of natural disasters, particularly wildfires, which have become more frequent and severe in recent years.

via The Wall Street Journal|

#allstate #business #california

business2 years ago

Allstate halts California home-insurance sales due to wildfire risks.

Allstate has stopped selling new home-insurance policies in California, citing the increasing risk of wildfires. The company has stated that it will continue to renew existing policies and provide coverage for current customers. This move comes as insurance companies are grappling with the rising costs of natural disasters, particularly wildfires, which have become more frequent and severe in recent years.

via The Wall Street Journal|

#allstate #business #california

business2 years ago

Allstate halts California home-insurance sales due to wildfire risks.

Allstate has announced that it will no longer sell new home-insurance policies in California, citing the increasing risk of wildfires in the state. The company will continue to provide coverage to existing customers, but will not renew policies for homes in high-risk areas. Other insurance companies have also been reducing their exposure to wildfire risks in California, leading to concerns about a lack of coverage options for homeowners in affected areas.

via The Wall Street Journal|

#allstate #business #california