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Farmers Insurance pulls out of Florida, affecting 100,000 policyholders | CNN Business (www.cnn.com)

submitted 1 year ago by [email protected] to c/[email protected]

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Farmers Insurance will stop offering its policies in Florida, which includes home, auto and umbrella, in a change that will affect 100,000 people.

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[–] [email protected] 5 points 1 year ago (1 children)

I'm just waiting for State Farm to tell me I no longer have insurance.

Watch for the FLGOP to try passing a law making it illegal for insurance companies to quit the state or for the Congressional GOP to try passing a law that forces insurance companies to operate in all 50 states if they are over a certain size. / gross income.

[–] [email protected] 3 points 1 year ago (1 children)

Sigh, trying to convince my parents to sell the FL house and get out before this comes to a head. They get it, but they still don’t realize that it’s not going to get better or be fixed somehow.

What happens to your mortgage when your insurer drops you? Does the bank call the loan in when you can no longer buy the required coverage?

[–] [email protected] 3 points 1 year ago* (last edited 1 year ago)

It'll just accelerate as well. You might think you have years to deal with it and a few back to back events change things and you're suddenly and unexpectedly SOL