Farmers Insurance Company Pulls Out of
Florida – Another 100,000 Policies Will
Not Be Renewed
Conservative Treehouse,
by
Sundance
Original Article
Posted By: earlybird,
7/12/2023 2:15:50 PM
The insurance crisis in Florida is hitting the middle-class family, working community and retirees on a fixed income directly. Hundreds of thosands of residents have lost insurance coverage, and even more have seen policy premiums double. It is not uncommon to find homeowners who are paying more for insurance than their actual mortgage payment. Unfortunately, the situation is getting worse.
Farmers Insurance has notified the state they are pulling out of Florida, will not be writing any additional policies in the Sunshine state and when existing policies expire, they will not be renewed. Home and auto policy rates have already doubled i
Reply 1 - Posted by:
Dodge Boy 7/12/2023 2:25:09 PM (No. 1511250)
Wow. This certainly will not be helpful to DeS candidacy. But I suspect that insurers will be pulling out of other states as well.
14 people like this.
Reply 2 - Posted by:
Quigley 7/12/2023 2:27:20 PM (No. 1511253)
I wish the article would have given more info. Is it solely because of hurricane related losses?
36 people like this.
Reply 3 - Posted by:
marbles 7/12/2023 2:30:53 PM (No. 1511256)
My car insurance is going up big time. Seems the insurance industry has applied for increases after being stable during the covid years. I live in the north east.
14 people like this.
Reply 4 - Posted by:
Lala 7/12/2023 2:47:44 PM (No. 1511275)
I’m not surprised that auto premiums are increasing. People drive like maniacs, worse than ever. If you dare drive 70 mph, you’ll be passed by cars on left and right going 80 or 90. They zip in and out, cut you off, pull out in front of you. Driving is scary these days. I think it got much worse after Covid. People care only about themselves. Also, there is a crazy increase in auto thefts. Why not? No one is punished. Except the owner. Homeowners policies are probably increasing in part because home values are through the roof. You have to carry insurance appropriate for your loan, regardless of the true value of your home.
37 people like this.
Reply 5 - Posted by:
JHHolliday 7/12/2023 3:29:43 PM (No. 1511304)
#4 is correct. It’s no wonder that rates are going up. Part of the reason is that appraised values have doubled over the last few years including replacement costs. Add in excessive losses from natural disasters and insurers will either raise rates or withdraw from the market entirely. Although home prices are easing around here now, they are still high with plenty of downside to come. Every time the fed raises rates, it means thousands more will be unable to afford a mortgage. I sense another housing crisis coming.
17 people like this.
#'s 4and5 are correct. I paid State Farm for 25 years on homeowner's in Az. We had an under slab water leak that required tearing up a bedroom floor and hiring a plumber to silver solder a new section. Two weeks after, they canceled my policy. Once you get cancelled, you get on an industry list of insurers and then you're screwed. I put them on a par with lawyers, scammers and theives.
35 people like this.
Reply 7 - Posted by:
Daisymay 7/12/2023 4:07:42 PM (No. 1511335)
What in the World does Governor DeSantis have to do with Farmers leaving FL? They only care about how many claims they have! The huge Hurricane damages last Season hit the Insurance Companies Hard! Also, the number of Roof Claims another reason. Thousands claimed their Roofs were damaged and needed to be replaced. Part of that was the Insurance Company's fault as they sent out letters stating if your roof was over 10-15 years old, your Rates would go up (we received one of those Letters). It would also hinder anyone trying to sell their Home as the Buyer would not be able to find someone to insure the home! There were a lot of reasons that Insurance Companies pulled out, but our Governor wasn't one of them!
36 people like this.
Reply 8 - Posted by:
DVC 7/12/2023 4:28:14 PM (No. 1511357)
A company that you will be lucky to NOT be insured by.
12 people like this.
Reply 9 - Posted by:
chumley 7/12/2023 4:51:49 PM (No. 1511389)
I had a similar situation to #6 with the same lousy company, but they refused to pay anything. They not only cost me 40k in house value after three decades of paying them, they blacklisted me so no other company would insure me. Good neighbor my arse.
25 people like this.
Reply 10 - Posted by:
Alecto2 7/13/2023 4:00:26 AM (No. 1511605)
It appears the insurance system is/was a mess and has only recently been addressed with legislation. Here's links to an article and a blog giving more detail of the issues:
https://finance.yahoo.com/news/homeowners-in-desantiss-florida-face-a-costly-and-unique-problem-205638324.html?
https://market-ticker.org/akcs-www?post=249227
9 people like this.
Reply 11 - Posted by:
Msquared112 7/13/2023 6:29:31 AM (No. 1511643)
This is yet another Leftist attempt to cripple FL’s prosperity. I would bet anything that Farmer’s was tempted by over-regulation (or something more sinister) to pull out of FL, giving potential blue-state refugees second thoughts about taking themselves and their money there. The Left want to starve FL’s business climate, and kill its independent anti-woke prosperity.
12 people like this.
Reply 12 - Posted by:
Rather Read 7/13/2023 7:09:13 AM (No. 1511656)
My home insurance increased because of a devastating tornado in 2021 that didn't hurt my home thank God, but did a lot of others. My auto insurance increased because people drive like crazy idiots. I will be driving down a road and people will be coming out of a side road or place of business driving like crazy and I wonder if they are going to ignore the stop sign and hit me.
15 people like this.
Reply 13 - Posted by:
NancyD 7/13/2023 7:16:29 AM (No. 1511666)
Costs are going up because of inflation and insurance companies that have to replace thousands of homes due to hurricane damage becomes a huge liability.
When you compare the cost of the insurance premiums to the cost of replacing your home, its no wonder...
9 people like this.
Reply 14 - Posted by:
Rinktum 7/13/2023 7:26:40 AM (No. 1511675)
Another hit to home ownership. Remember, you will own nothing and be happy.
20 people like this.
Reply 15 - Posted by:
czechlist 7/13/2023 8:14:01 AM (No. 1511715)
Could it be more expensive homes being built in a hurricane, sink hole and flood prone area? When the media reports "worst ever" devastation they are usually referring to costs, not human tragedy.
6 people like this.
Reply 16 - Posted by:
rikkitikki 7/13/2023 8:14:57 AM (No. 1511718)
The experience of #12 proves the insurance companies are scammers.
He faithfully paid his premiums, to cover the cost of potential damage to his house...premiums which, presumably, reflected the risk of damage.
I mean, that's what insurance is, right?
But when he filed a claim, his policy premium was increased...not because the basic risk of damage had changed, but because the insurer could increase it without consequence.
There is no mystery as to why insurance companies are among the most profitable and long-lived in the world.
10 people like this.
Reply 17 - Posted by:
rikkitikki 7/13/2023 8:18:00 AM (No. 1511719)
My favorite insurance story:
Years ago, a hailstorm damaged most of the roofs in my neighborhood. Most homeowners filed claims and received proportionate payouts to cover their damage. One neighbor, however, whose carrier was State Farm, was told that his roof had not sustained enough damage, so his claim was denied.
The next year, State Farm cancelled his policy, stating as the reason that his roof was in too poor a condition to insure.
12 people like this.
Reply 18 - Posted by:
Cindiana 7/13/2023 8:19:28 AM (No. 1511721)
To #7's questioning as to what the pullout has to do with the Gov....
The Dems will shackle him to it whether he bears any responsibility or not. He'll be forced to defend himself against charges that are manufactured. Sound familiar??
14 people like this.
Reply 19 - Posted by:
redsiberia 7/13/2023 8:23:01 AM (No. 1511726)
Florida is a litigation infested state. Highest number of lawsuits against insurance companies than any other state. I don't blame them.
8 people like this.
Reply 20 - Posted by:
Dodge Boy 7/13/2023 9:02:06 AM (No. 1511750)
And happily, eat bugs, #14. That spoiled brat, Greta, said so.
6 people like this.
Reply 21 - Posted by:
Samsquanch 7/13/2023 9:04:50 AM (No. 1511755)
DeSantis needs to address or the Dim's will hammer him endlessly even if it's not his fault.
6 people like this.
Reply 22 - Posted by:
Snow Possum 7/13/2023 10:25:40 AM (No. 1511791)
4,
Insurance rates go up when the average claims amount goes up or the number of claims per insured increases.
My bet is that auto insurance rates have increased due to ever-increasing medical costs, repair costs and replacement costs.
My car was totaled about 6 weeks ago (actually... maybe I should say 'I totaled my car') and it was an old vehicle. 3 years ago the settlement for that car would have been based upon a market value of no more than 6000 USD. 3 WEEKS ago, that same care had a market value of 8500 USD. It had gone UP in value over the last 3 years.
I bought a care to replace it... Honda CRV. Same car and trim level that my ex bought 3.5 years ago for 31K. I paid 39k.
Thankfully I do not have any medical bills to compare...
7 people like this.
Reply 23 - Posted by:
Yo Yo 7/13/2023 11:38:00 AM (No. 1511844)
Here in Colorado, my USAA homeowner rates went up 38%. Was told it was due to tremendous losses from recent fires in western states. Was able to drop the rates some through a deductable trade-out, but it's still much higher than it was. County raised the tax rate on our house by $336K (based on super inflated 2022 projected evaluations, now gone down considerably). It's like they don't want us to own homes.
5 people like this.
Reply 24 - Posted by:
Zigrid 7/13/2023 11:41:52 AM (No. 1511846)
I think the increases in insurance premiums is directly related to the crime increase in the cities and some suburbs...cars are stolen and not one is arrested...and stores are looted and the rats say...insurance will cover the cost...well ducky...the citizens who pay the insurance premiums are paying for it....it comes full circle...
6 people like this.
Reply 25 - Posted by:
JoElla Bee 7/13/2023 11:52:03 AM (No. 1511856)
I don’t live in Florida, and I don’t have Farmer’s Insurance. But, I did talk with my insurance agent recently. He told me that my homeowners & auto insurance premiums would be increasing this year. The homeowners premium could increase by as much as $300. He assured me that it really isn’t an increase, because the coverage will increase to meet costs too. (Of course, that made it all better! ;) )
3 people like this.
Reply 26 - Posted by:
broken01 7/13/2023 3:07:07 PM (No. 1511992)
We are Farmers run by dumb, da dum, dum. dumb dum dumbs.
3 people like this.
Reply 27 - Posted by:
pensom2 7/13/2023 6:44:57 PM (No. 1512118)
As to car insurance, I put a chunk of the increase on so many losers driving while reading their cell phones. Wherever I drive, if I see a goofball driving erratically as if drunk, or driving inordinately slowly, I look when I pass them and they're looking down at their cell phones. I suppose rates could also elevate in some states due to legalization of weed and widespread use of the stuff. Changes have consequences.
0 people like this.
Reply 28 - Posted by:
snakeoil 7/13/2023 6:46:27 PM (No. 1512119)
Guess the little girl is not going to get her balloon from the Old Goat.
1 person likes this.
Reply 29 - Posted by:
or gate 7/13/2023 7:58:53 PM (No. 1512161)
Cut your nose off to spite your face.
1 person likes this.
Reply 30 - Posted by:
wayneright 7/13/2023 9:04:59 PM (No. 1512190)
As I wrote in comments on these pages two days ago, DeSantis is a good governor, but he has ignored or papered over several very important issues; first among them is the insurance crisis in Florida.
2 people like this.
Reply 31 - Posted by:
judy 7/14/2023 5:02:08 AM (No. 1512293)
What's the ole saying...insurance is good until you use it...
0 people like this.
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Comments:
In California, Farmer’s was known for low rates and nearly immediate cancellation when a policyholder had to make a claim.