The insurance company explained that it was cautious of future extreme weather.
“It also revealed that Florida’s vulnerability to hurricanes had been seriously underestimated,” the report said.
“The event brought a harsh awakening and forced individuals, insurers, legislators, insurance regulators and state governments to come to grips with the necessity of preparing both financially and physically for unprecedented natural disasters.”Florida isn’t the only state experiencing insurance woes related to climate change and natural disasters. State Farm announced this past May that it
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Farmers Insurance pulls out of Florida, drops 100,000 policiesFarmers Insurance Group announced that it would no longer write new policies or renew existing homeowner, auto and umbrella policies in Florida, affecting about 100,000 customers.
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