Florida Insurance Market Takes Hit as Farmers Insurance Exits
The Florida insurance market took a hit Tuesday, as Farmers Insurance said it will end residential, auto and umbrella policies in the state, forcing tens of thousands of customers to look elsewhere for coverage.
The company said the move will affect only Farmers-branded policies and will not affect policies sold in the state by subsidiaries Foremost and Bristol West. It indicated the Farmers-branded policies make up about 30% of the policies sold by the affiliated companies in Florida.
“We have advised the Florida Office of Insurance Regulation of our decision to discontinue offering Farmers-branded auto, home and umbrella policies in