Farmers Insurance pulls out of Florida, affecting 100,000 homeowners

Guno צְבִי

Guno צְבִי

We fight, We win, Am Yisrael Chai
TALLAHASSEE — Farmers Insurance Group announced Tuesday that it would no longer write new policies or renew existing homeowner, auto and umbrella policies, a day after Florida Chief Financial Officer Jimmy Patronis took to Twitter to threaten to take action if it did.


The decision affects some 100,000 homeowners, or about a third of its customers in Florida, who hold “Farmers-brand” policies, the Palm Beach Post reported.

“This business decision was necessary to effectively manage risk exposure,” the company said in a statement released to the Tampa Bay Times.


https://news.yahoo.com/farmers-insurance-pulls-florida-angering-170200183.html
 
guno said:
TALLAHASSEE — Farmers Insurance Group announced Tuesday that it would no longer write new policies or renew existing homeowner, auto and umbrella policies, a day after Florida Chief Financial Officer Jimmy Patronis took to Twitter to threaten to take action if it did.


The decision affects some 100,000 homeowners, or about a third of its customers in Florida, who hold “Farmers-brand” policies, the Palm Beach Post reported.

“This business decision was necessary to effectively manage risk exposure,” the company said in a statement released to the Tampa Bay Times.


https://news.yahoo.com/farmers-insurance-pulls-florida-angering-170200183.html
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Guano, your point?
 
For Ron the meatball banning drag, marginalizing trans, dictating women's rights, immigrant theatrics, and punishing Disney...THOSE are important!!
 
guno said:
For Ron the meatball banning drag, marginalizing trans, dictating women's rights, immigrant theatrics, and punishing Disney...THOSE are important!!
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It looks like they are losing money there because of all the hurricane damage.

It has nothing to do with politics and they are not the first insurance company to quit insuring down there.
 
guno said:
For Ron the meatball banning drag, marginalizing trans, dictating women's rights, immigrant theatrics, and punishing Disney...THOSE are important!!
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Among other things, Ronnie loves fake Jews. Have you retired there?
 
Tinkerpeach said:
Sounds like a regular business decision.

What is the issue here?
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True. But the issue is that after the last hurricane disaster in Florida, many of the smaller Insurance Agencies went Bankrupt.

And now Farmer's is starting the trend of larger companies now deciding to not assume the risk, and getting out before the next disaster comes.

There are some companies that may follow Farmer's lead. SO YES, IT PRESENTS A PROBLEM FOR FLORIDA HOMEOWNERS.

And it could lead to rate increases for Florida Homeowners.
 
Lookout Middle America, people will be priced out of the coasts.




Farmers Insurance latest to limit homeowner policies in California


Farmers Insurance is the latest major insurance company to limit homeowner policies in California, citing rising inflation and an increase in the state’s severe weather events.

This marks the third large insurance company to limit policies in the Golden State, following similar announcements from Allstate and State Farm earlier this year.

Farmers Insurance began limiting new homeowners insurance policies on July 3.

Representatives with Farmers Insurance sent KCRA 3 the following statement:

“We are working diligently with the California Department of Insurance and others interested in improving the availability of property insurance in the state. With record-breaking inflation, severe weather events, and reconstruction costs continuing to climb, we are focused on serving our customers while effectively managing our business. Effective July 3, Farmers will limit new homeowners insurance policies in California to a level consistent with the volume we projected to write each month before recent market changes.”

More than 100 insurance companies are still in operation in California, and consumer advocates say some of those smaller companies are still able to help.

In June, California Insurance Commissioner Ricardo Lara said his department did not plan on taking action against large insurance companies that aren’t accepting new policies in the state.

In an interview with KCRA 3, Lara said he doesn’t have the authority to reverse the decision of these companies.

“We’re going to focus on the things we can do, which is bringing companies together, having the conversation, making sure consumers are protected and don’t lose their coverage, and that’s what we’re going to focus on,” Lara said.


https://www.kcra.com/article/califo...-latest-to-limit-homeowner-policies/44475165#
 
Geeko Sportivo said:
True. But the issue is that after the last hurricane disaster in Florida, many of the smaller Insurance Agencies went Bankrupt.

And now Farmer's is starting the trend of larger companies now deciding to not assume the risk, and getting out before the next disaster comes.

There are some companies that may follow Farmer's lead. SO YES, IT PRESENTS A PROBLEM FOR FLORIDA HOMEOWNERS.

And it could lead to rate increases for Florida Homeowners.
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Rates are already skyrocketing for them.

According to the article they are going up by 40% this year.

Probably not a good idea to live in a disaster zone unless you are rich.
 
cawacko said:
Lookout Middle America, people will be priced out of the coasts.




Farmers Insurance latest to limit homeowner policies in California


Farmers Insurance is the latest major insurance company to limit homeowner policies in California, citing rising inflation and an increase in the state’s severe weather events.

This marks the third large insurance company to limit policies in the Golden State, following similar announcements from Allstate and State Farm earlier this year.

Farmers Insurance began limiting new homeowners insurance policies on July 3.

Representatives with Farmers Insurance sent KCRA 3 the following statement:

“We are working diligently with the California Department of Insurance and others interested in improving the availability of property insurance in the state. With record-breaking inflation, severe weather events, and reconstruction costs continuing to climb, we are focused on serving our customers while effectively managing our business. Effective July 3, Farmers will limit new homeowners insurance policies in California to a level consistent with the volume we projected to write each month before recent market changes.”

More than 100 insurance companies are still in operation in California, and consumer advocates say some of those smaller companies are still able to help.

In June, California Insurance Commissioner Ricardo Lara said his department did not plan on taking action against large insurance companies that aren’t accepting new policies in the state.

In an interview with KCRA 3, Lara said he doesn’t have the authority to reverse the decision of these companies.

“We’re going to focus on the things we can do, which is bringing companies together, having the conversation, making sure consumers are protected and don’t lose their coverage, and that’s what we’re going to focus on,” Lara said.


https://www.kcra.com/article/califo...-latest-to-limit-homeowner-policies/44475165#
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It’s definitely happening. I’ve mentioned before the influx of people to our neck of the woods recently. We have maybe 150-200 people in our community…and more are coming. They keep coming. A friend of mine bought some land off of the beaten path and is building a new house there. He lives on the main road and the increased traffic is not something he wants to deal with. Makes me happy that I live where I live…we’ll off the beaten path.
 
It’s the fourth company to leave the Florida market in the last year — most citing rising risks from hurricanes.
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Thanks to a deliberate 30 year effort to deny climate change and stall any actions to mitigate and prepare for it.
 
It's interesting, you have conventions pulling out of SF because of all the issues we have here. It looks like some people are pulling out of conventions in Florida as well. Seems to offer a lot of opportunities for other areas to take advantage.
 
Tinkerpeach said:
Rates are already skyrocketing for them.

According to the article they are going up by 40% this year.

Probably not a good idea to live in a disaster zone unless you are rich.
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I agree.

I don't get involved too much in the who? or what? is causing all the warming of the planet arguments.

But, I do believe that the planet is warming regardless to who or what causes it, and these hurricanes are coming and getting bigger every year.

So, no! Living in Florida doesn't sound like a great idea to me! Their insurance rates have to be the highest in the nation now.
 
Geeko Sportivo said:
I agree.

I don't get involved too much in the who? or what? is causing all the warming of the planet arguments.

But, I do believe that the planet is warming regardless to who or what causes it, and these hurricanes are coming and getting bigger every year.

So, no! Living in Florida doesn't sound like a great idea to me! Their insurance rates have to be the highest in the nation now.
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Yes the planet is getting warmer, that's a simple thing of checking the temps every year.

I have no dispute with that.

From 2020 to 2022 Florida picked up about 700,000 new residents while most liberal cities have seen their populations decline.

That is very telling, that people are willing to brave worse hurricanes because it's less of a risk then where they are moving from.

I do agree with you however, I live in Arizona where we essentially have no threat of natural disasters as long as you can deal with the heat.
 
Tinkerpeach said:
Yes the planet is getting warmer, that's a simple thing of checking the temps every year.

I have no dispute with that.

From 2020 to 2022 Florida picked up about 700,000 new residents while most liberal cities have seen their populations decline.

That is very telling, that people are willing to brave worse hurricanes because it's less of a risk then where they are moving from.

I do agree with you however, I live in Arizona where we essentially have no threat of natural disasters as long as you can deal with the heat.
Click to expand...

You live in Arizona? Is there ANYTHING you wont lie about handjob?
 
Tinkerpeach said:
Yes the planet is getting warmer, that's a simple thing of checking the temps every year.

I have no dispute with that.

From 2020 to 2022 Florida picked up about 700,000 new residents while most liberal cities have seen their populations decline.

That is very telling, that people are willing to brave worse hurricanes because it's less of a risk then where they are moving from.

I do agree with you however, I live in Arizona where we essentially have no threat of natural disasters as long as you can deal with the heat.
Click to expand...

global-warming-quote-1.jpg


It's coming your way :)
 
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