Farmers Insurance will no longer offer home and auto coverage in Florida, forcing thousands to find new providers.
According to the company’s announcement Tuesday, the decision will leave around 30% of Floridians without coverage, affecting around 100,000 people. Only company-branded plans will stop in the storm-hit Sunshine State, meaning policies sold by subsidiary insurance companies will still be valid after Farmers pulls out.
Under Florida law, insurance companies must give three months’ notice to the Office of Insurance Regulation before informing customers that their plans are canceled. The office apparently received word Monday about the company pulling out. Especially after Hurricane Ian-battered Florida homes and businesses last year, insurance providers are pulling up stakes. Farmers is the fourth major provider to leave the state in the past year.
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