Cost of reinsurance With larger providers limiting coverage or pulling out of Florida, the state's insurance market relies heavily on smaller local companies that count on reinsurers to assume risks they can’t afford. As the number of extreme weather events has increased, reinsurance costs in Fl...
Severe weather events, like Hurricane Ian, the high cost of damages, and associated lawsuits have also led to insurers pulling out of Florida. Farmers Insurance stopped writing and renewing auto, homeowners, and umbrella policies in July 2023, affecting 100,000 Floridians. If this trend continues...
Farmers Insurance Pulling Out of Louisiana February 11, 2013 Farmers Insurance Exchange, which has around 23,000 homeowner and 7,000 auto policies in Louisiana, is dropping those lines of business in the state, but a company spokesman said Friday it will retain more than 100,0000 policies in...
January 11, 2022: Due to the volatile Florida homeowners insurance market, Tower Hill has announced that it is pulling its personal lines out of the Sunshine State and instead replacing it with a reciprocal insurance model — the Tower Hill Insurance Exchange. May 17, 2023: Demotech granted Tow...
We live in Florida, the state with the huge homeowner insurance debacle due to the hurricanes. Our insurance company dropped us last year because they were pulling out of the state of Florida. We shopped around quite a bit to compare rates. We found that by actually telling the agents ...
However, getting multiple quotes can be hard for homeowners in places like Florida or Louisiana, where insurance companies have been pulling out due to climate risks and other factors. If you’re having trouble finding companies willing to cover your home, consult a knowledgeable independent agent....
Brandes also pointed to the insurance carriers pulling out of the state. He spoke to Jim DeFede on Facing South Florida about how this is a major problem with the start of hurricane season right around the corner. "We've lost three companies in the last three months. We've had a compan...
Some insurance companies have been pulling out of high-risk areas, such those prone to hurricanes and wildfires. Some special state insurance policies offer limited protection. For example,California’s FAIR Planoffers dwelling policies to residents who cannot find other insurance. This is a named-...
The increasing frequency of extreme weather from hurricanes and wildfires to high winds and hail, are leading to disruptions in the insurance industry with some companies pulling out of states that are getting hit hard, such as Florida and California. ...
State Farm is not the only insurer pulling out of the state. Ashley Viso, Area Vice President ofGallagher Insurancesaid the decision didn’t surprise her. She said Nationwide is not writing new commercial accounts and trying to get off all accounts in California, according to underwriters she ...