Stay updated with breaking news from Foremost Choice. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The company sent out messages to its Florida customers on Tuesday to provide more information on the company’s withdrawal, which is expected to take place over the next year and a half.
Farmers Insurance became the latest company to pull out of Florida, saying it will no longer write new business and not renew auto or home policies.
AAA will not renew its package policies that combine home, automobile and optional umbrella coverage, a spokesperson said Monday.
Farmers Insurance is the fourth major insurer to pull out of Florida, adding to the growing number of companies that have become insolvent or left.
AAA announced it is restricting insurance coverage in Florida, following a similar move from Farmers Insurance. AAA said it will no longer renew certain auto and home insurance coverage in Florida, citing the state’s catastrophic natural disasters that are leading to “unprecedented” reinsurance rate increases.Calling the Florida market in recent years challenging, AAA pointed to a catastrophic 2022 hurricane season that drove up costs for insurance companies to operate.“As a result, we made the