Farmers Insurance to Stop Writing Home Policies in Florida

July 11, 2023

1–2 minutes

Farmers Insurance announced today that it will stop writing new home policies and not renew its existing “Farmers-branded” automobile, home and umbrella policies in Florida.

The move will impact 30% of the company’s business in Florida, or roughly 100,000 policies. “This business decision was necessary to effectively manage risk exposure,” the company said in a statement.

The decision comes as Florida’s property insurance market is facing a number of challenges, including rising costs, lawsuits, and a lack of available capital. In recent years, several insurers have left the state or stopped writing new business.

Farmers Insurance is not the only insurer that has taken steps to exit Florida’s property insurance market. In May, Bankers Insurance announced that it would stop writing new home policies in the state. And in April, Lexington Insurance, a subsidiary of AIG, said it would withdraw from the Florida market.

The departure of Farmers Insurance is a blow to Florida’s property insurance market. Farmers is one of the largest insurers in the state, and its decision to exit could make it more difficult for homeowners to find affordable coverage.“

This is a significant development for Florida’s property insurance market,” said Mark Friedlander, spokesperson for the Insurance Information Institute. “Farmers is a major player in the state, and its decision to exit will likely have a ripple effect.”

It is unclear what impact Farmers Insurance’s decision will have on homeowners in Titusville. However, it is likely that homeowners will face higher premiums and more difficulty finding coverage.

If you are a homeowner in Titusville who is affected by Farmers Insurance’s decision, you should contact your agent to discuss your options. You may also be able to find coverage with another insurer, but you may have to pay higher premiums.

The departure of Farmers Insurance is a sign of the challenges facing Florida’s property insurance market. It is unclear how the market will evolve in the coming months and years. However, it is clear that homeowners in Florida will need to be prepared to pay more for coverage.