Corrections & Clarifications: An earlier version of this story misstated the relationship between Farmers Insurance and its California customers.
Another property insurer is dropping coverage in Florida.
Farmers Insurance will stop writing new business and not renew its existing “Farmers-branded” automobile, home and umbrella policies in the Sunshine State, the company said Tuesday.
On Monday, Farmers sent notice of its plans to the Florida Office of Insurance Regulation, which is reviewing it. Insurers must give the office 90 days’ notice if they want to discontinue writing business in Florida.
“This business decision was necessary to effectively manage risk exposure,” the company said in a statement.
Source : usatoday