{"id":1974245,"date":"2023-07-16T04:22:02","date_gmt":"2023-07-16T08:22:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/farmers-insurance-cuts-policies-in-turbulent-florida-insurance-market\/"},"modified":"2023-07-16T04:27:17","modified_gmt":"2023-07-16T08:27:17","slug":"farmers-insurance-cuts-policies-in-turbulent-florida-insurance-market","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/farmers-insurance-cuts-policies-in-turbulent-florida-insurance-market\/","title":{"rendered":"Farmers Insurance reduces policies amidst Florida&#8217;s volatile insurance market."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffarmers-insurance-cuts-policies-in-turbulent-florida-insurance-market%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1974245&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Florida&#8217;s Homeowners Insurance Market Faces \u200dChallenges as \u200dFarmers Insurance Discontinues Policies<\/h2>\n<p>Florida\u2064 has\u2063 seen a significant influx of people \u2063moving \u200cfrom other states in\u2064 recent\u2062 years. However,\u200d this\ud834\udd7a population growth\ud834\udd7a has come with \u200ba downside &#8211; \u200cthe average \u200cprice\u200c of homeowners&#8217; insurance\u2064 premiums has skyrocketed.\u200c The situation took another hit \u200dwhen\u2063 Farmers Insurance announced its decision to discontinue \ud834\udd7avarious\ud834\udd7a home, auto, and umbrella policies in \u200cthe state. This move is expected \u200dto further \u200ccomplicate\u200d an already turbulent \u2063homeowners <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">insurance market<\/a> in Florida, \u2063despite efforts\u2063 by lawmakers to stabilize it.<\/p>\n<blockquote>\n<p>&#8220;We have\u2062 advised the Florida \u200cOffice of\u200c Insurance Regulation (OIR) of our \u200bdecision\u2064 to discontinue \u2063offering Farmers-branded auto, home, and umbrella\u2064 policies in \u2063the state. This business decision \u2063was necessary to\u200c effectively manage\u2063 risk exposure. \u200cFarmers\u2064 offers insurance through several different brands, \u200dand this decision applies only to policies \u2062issued through\u200d our exclusive agency \u2063distribution channel,&#8221; Farmers Insurance\u200c spokesman \u200bTrevor \u2062Chapman told the Washington Examiner \u200cin a statement.<\/p>\n<\/blockquote>\n<p>While\u200c this \u2062discontinuation will not impact 70% of the \u200bpolicies currently in\u200b force \u200bfor\u200c customers\ud834\udd7a in the\u200b state, it does raise concerns about \u200dthe \u200doverall stability of\u2064 the\u200b Florida homeowners \u200dinsurance\u2063 market. Farmers Insurance assured \u200cthat policies issued \u200dthrough other brands will still \ud834\udd7abe available to serve the insurance needs of Floridians. Affected customers \u200cwill \u200dreceive notifications regarding the\u2063 end of their coverage \ud834\udd7aand \u200cwill be provided with options\u200c for\ud834\udd7a replacement coverage.<\/p>\n<p>The withdrawal of\u2063 policies \u2063by Farmers Insurance is \u200cjust the latest \u2064obstacle \u2063in a troubled homeowners insurance market \ud834\udd7athat shows no signs\u2063 of \u200cimmediate stabilization. Mark Friedlander, the director\ud834\udd7a of corporate communications \u2063for\u2062 the\u200b Insurance Information Institute, explained that the soaring premiums in Florida\u2064 are \ud834\udd7anot solely due to the threat of\u200d hurricanes.<\/p>\n<blockquote>\n<p>&#8220;Yes,\u200b Florida is\u200c prone to hurricanes \u2063more than any other \u2064state, understandably a \u2063high-risk\u200b state, \ud834\udd7abut no other <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/farmers-insurance-cuts-policies-in-turbulent-florida-insurance-market\/\" title=\"Farmers Insurance reduces policies amidst Florida's volatile insurance market.\">state faces man-made\u200b factors<\/a> \u2064like Florida does. Yes, there \u200dare fraud issues in other\u200d states, there are some legal\u2063 system issues in other states, \ud834\udd7anothing\u2064 along \u2063the lines \ud834\udd7aof \ud834\udd7aFlorida,&#8221; Friedlander told \u2062the\u200b Washington\u2062 Examiner.<\/p>\n<\/blockquote>\n<p>The crisis\u200d in Florida&#8217;s homeowners insurance market stems from excessive\u2064 litigation of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/black-lives-matter-nominated-for-nobel-peace-prize\/\" title=\"Black Lives Matter Nominated For Nobel Peace Prize\">insurance claims<\/a>, which is facilitated by long-standing\u200d laws in the\u200c state. Friedlander highlighted that this excessive \ud834\udd7alitigation has led to \u200dthe \u200cinsolvency\u2063 of\u200b seven\u200b regional insurers in the\ud834\udd7a past year and \ud834\udd7aa half. He emphasized that Florida consumers are paying the\u2064 highest \ud834\udd7aaverage premium \u2062in the U.S., with costs\u2063 reaching\u200b an average of $6,000, \ud834\udd7aa 42% increase from last year and a cumulative 100%\u200b increase \u2063over\ud834\udd7a the past three years.<\/p>\n<p>Another issue plaguing the market is the dominance of the state&#8217;s insurer of last\u2062 resort, Citizen, which\u200b is 100% larger than any \u200cother insurer in Florida. Friedlander sees\u2064 this as a clear sign \u200bof distress in the private\u200d insurers market.\u2063 While he commended \u200bthe actions \ud834\udd7ataken by elected officials in Florida to address\u2064 some of\u200b the underlying\u200b causes\u200d of the\u2062 crisis, he acknowledged that it will\u2063 take a\u2063 long time to fully\u200c recover \ud834\udd7afrom \u200cthe turmoil that has\u200b plagued the market for years.<\/p>\n<p>Jeremy Redfern, the \ud834\udd7agovernor&#8217;s press secretary, pointed to\u2063 the legislative efforts made in recent years\u200c to curb\u2063 excessive litigation and\u200c stabilize the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/we-made-a-mistake-uber-accidentally-tells-some-drivers-theyve-got-some-health-insurance\/\" title=\"\u2018We Made A Mistake\u2019: Uber Accidentally Tells Some Drivers They\u2019ve Got Some Health Insurance\">insurance marketplace<\/a>. Various pieces of\u2062 legislation, including SB 76 and Senate \u2064Bill 2D,\u2063 have\u2062 been enacted \u200dto\u2063 address\u2064 attorney \u200cfees,\u2064 claims response, and the assignment of attorney&#8217;s fees\u200c in property insurance cases. \u2063However, \ud834\udd7aFriedlander cautioned that\ud834\udd7a the backlog of cases filed prior to these reforms, \u200dalong \u200dwith other ongoing issues, means \u200bthat the problem will \u2064persist for some time.<\/p>\n<p>Despite the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/off-to-a-bad-start-putin-schools-biden-with-one-phone-call\/\" title=\"Off to a Bad START: Putin Schools Biden with One Phone Call\">progress made<\/a>, Friedlander expressed uncertainty\u2062 about when the insurance market \u200bin Florida will improve.\ud834\udd7a He emphasized\u2062 the interference and \u200coutstanding \u200cissues that \u2063make it difficult \u2064to \u2064predict a timeframe.\ud834\udd7a In\u2064 the\u2064 meantime, Florida \ud834\udd7aconsumers continue to suffer from escalating prices.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/news\/florida-homeowners-insurance-market-faces-challenges-as-farmers-insurance-discontinues-policies\">Click here\ud834\udd7a to read more from the \u2064Washington \u200cExaminer<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Florida&#8217;s population surge has led to a rise in homeowners&#8217; insurance costs. Farmers Insurance responded by discontinuing multiple policies, including home, auto, and umbrella coverage. They justified this decision as a means to efficiently handle risk exposure in the state.<\/p>\n","protected":false},"author":1,"featured_media":1974246,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1974245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1974245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1974245"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1974245\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1974246"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1974245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1974245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1974245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}