Farmers Insurance has plans to reduce its coverage in Florida, a move that will ultimately result in some Floridians needing new auto, home or umbrella insurance policies.
Farmers Insurance told the Florida Office of Insurance Regulation that it would "discontinue offering Farmers-branded auto, home, and umbrella policies in the state," company spokesperson Trevor Chapman said in a statement to"Farmers offers insurance through several different brands, and this decision only applies to policies issued through our exclusive agency distribution channel," he said.
Farmers Insurance will inform those impacted of the timeline for when they will lose their coverage, in addition to getting "advised of options" for replacing it, according to Chapman. He described the decision as one "necessary to effectively manage risk exposure." In the event that an insurance provider decides to stop offering Floridians a type of coverage and must let those impacted know, a minimum 90-day heads-up to the FOIR is mandated by state regulations. is reviewing the notification that Farmers Insurance sent it on Monday letting the agency know it would be reducing its coverage in the market, a spokesperson told FOX Business.
The move will leave roughly 100,000 policies of Farmers-branded auto, home and umbrella insurance impacted, a source familiar with the situation said. In Florida, the insurance market has experienced difficulties in recent years, with some private insurers becoming insolvent and others choosing to halt coverage there, FOX Business’ Ashley Webster previously reported.
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