Now that Farmers Insurance has decided to join more than a dozen other Florida insurance companies that have stopped writing home insurance policies in the state, over 100,000 homeowners are scrambling to find new coverage in a dwindling yet critical industry.
The move will only impact Farmers-branded insurance policies, not its other insurance companies such as Bristol West, Foremost Signature, Farmers GroupSelect, Foremost Choice and Foremost-branded policies.
Farmers notified the Florida Office of Insurance Regulation of its intention to pull out of the state on Monday, apparently blindsiding state lawmakers, including Florida Chief Financial Officer Jimmy Patronis, who tweeted that the Department of Financial Services “is going to explore every avenue possible for holding them accountable.”
How to save money on home insurance:Florida homeowners insurance rates are rising. How can you protect your home and save?
“Don’t get to leave after taking policyholder money. Can’t write auto if you’re not doing homeowners either. Zero communication!” Patronis wrote.
Those words, however, do little to help the roughly 100,000 homeowners who now have 120 days to find new policies in a market that is growing increasingly unfriendly to customers.
Floridians on average are paying over $4,200 for their yearly home insurance premium, an increase of 42% compared with last year, Mark Friedlander, spokesperson for the Insurance Information Institute, told USA Today. By comparison, the average annual premium in the U.S. costs $1,700.
