Farmers Insurance has plans to reduce its coverage in Florida, a move that will ultimately result in some Floridians needing new auto, home or umbrella insurance policies.
Farmers Insurance told the Florida Office of Insurance Regulation that it would "discontinue offering Farmers-branded auto, home, and umbrella policies in the state," company spokesperson Trevor Chapman said in a statement to"Farmers offers insurance through several different brands, and this decision only applies to policies issued through our exclusive agency distribution channel," he said.
Farmers Insurance will inform those impacted of the timeline for when they will lose their coverage, in addition to getting "advised of options" for replacing it, according to Chapman. He described the decision as one "necessary to effectively manage risk exposure." In the event that an insurance provider decides to stop offering Floridians a type of coverage and must let those impacted know, a minimum 90-day heads-up to the FOIR is mandated by state regulations. is reviewing the notification that Farmers Insurance sent it on Monday letting the agency know it would be reducing its coverage in the market, a spokesperson told FOX Business.
The move will leave roughly 100,000 policies of Farmers-branded auto, home and umbrella insurance impacted, a source familiar with the situation said. In Florida, the insurance market has experienced difficulties in recent years, with some private insurers becoming insolvent and others choosing to halt coverage there, FOX Business’ Ashley Webster previously reported.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Another major insurance company limits new homeowners insurance in California | CNN BusinessFarmers Insurance has limited new homeowners insurance policies in California, joining other major national insurance providers.
Leer más »
Farmers Limits Insurance Sales in Florida and CaliforniaFarmers Insurance is limiting sales of homeowners policies in Florida and California, becoming the latest big insurer to pull back from the hurricane- and wildfire-prone states
Leer más »
Trump official warns GOP could lose Florida as Farmers Insurance leaves'Florida is a must-win battleground for the GOP nomination - will hurricane insurance decide it?' Michael Caputo asked on Tuesday.
Leer más »
Farmers Insurance pulls out of Florida, affecting 100,000 policiesFarmers Insurance said Tuesday that it will no longer offer coverage in Florida, ending home, auto and others policies in the state in a move that will affect tens of thousands of residents.
Leer más »
Another major insurance company limits new homeowners insurance in CaliforniaFarmers, the second-largest provider of homeowners insurance in the state, said it placed the cap on the number of policies in California effective July 3. The company cited high costs and wildfire…
Leer más »
Farmers, California's second-largest insurer, limits new home insurance policiesAs State Farm and Allstate hit pause on writing new policies in California, Farmers says it won't pick up the pace.
Leer más »