Farmers Insurance will end coverage in Florida, a move that will affect about 100,000 existing policies and represents the latest retreat by insurance companies reluctant to cover Americans living in disaster-prone areas.
As more natural catastrophes become billion-dollar disasters and construction costs soar, some insurers have begun limiting coverage or suspending new policies in states including Florida, California and Louisiana. Many Americans premiums have gone up as climate change worsens extreme weather, including in states such as Oklahoma and Texas.
In Florida, Farmers stopped offering new auto, home and umbrella policies on Tuesday and said coverage for existing policyholders would not be renewed upon expiration. Though th…
Read the full article at: https://www.washingtonpost.com/climate-environment/2023/07/12/farmers-insurance-leaves-florida/