Farmers informed the state that it is discontinuing new coverage of auto, home and umbrella policies.
– Farmers Insurance became the latest property insurance company to pull out of Florida on Tuesday despite repeatedhave made to try to calm the volatile market that is making homeownership less affordable.
Critics of DeSantis, who is seeking the Republican nomination for president, say he has focused too much effort on divisive cultural issues and not enough on making housing and insurance more affordable. The Legislature has grappled with the issue each of the last two years, including a special session in December.
“Florida's leaders have stepped up to the plate by delivering historic reforms to Florida's property insurance market to ensure competitiveness and increase consumer choice,” Insurance Commissioner Michael Yaworsky wrote to the company.“We are disappointed by the hastiness in this decision and troubled by how this decision may have cascading impacts to policyholders,” he wrote.
At the end of 2022, average annual property insurance premiums had risen to more than $4,200 in Florida, which is triple the national average. About 12% of homeowners in the state didn’t have property insurance, compared with the national average of 5%, according to the Insurance Information Institute, a research organization funded by the insurance industry. At least six insurers went insolvent in Florida last year.
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