Tommy Tainant
Diamond Member
Florida insurance crisis explained: Why multiple insurers are leaving state
Farmers Insurance has become the latest insurance company to pull out of Florida.
www.newsweek.com
Farmers Insurance has become the latest insurance company to pull out of Florida, despite repeated efforts by Republican Gov. Ron DeSantis and the state legislature to shore up the volatile market.
On Tuesday Farmers informed the state that it is discontinuing new coverage of auto, home and umbrella policies, a move that will reportedly affect 100,000 policies.
"This business decision was necessary to effectively manage risk exposure," Farmers spokesman Trevor Chapman said in a statement to CBS Miami
When there is less choice for customers the price will inevitably go up. As climate change makes the area more volatile then more insurers will likely leave.
It sounds like a time when the state needs a strong leader to get a grip on things and come up with solutions. The government dont even seem to be engaging with the industry.
Insurance is a basic need for any business. Especially a business that is in hospitality. Its a worrying time for Florida.