Farmers Insurance pulls out of Florida, affecting 100,000 policyholders | CNN Business
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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.
They should start a national home insurance and compete with the private companies.
It is only going to get worse with climate change. We need public healthcare too. Companies are only interested in money/profits. That is what they do.
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.
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?
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
I bet Flordia will have the first US climate change migrants
Alongside escapees of political persecution.
Well, it is a sound and sane decision by the insurance company. They can't afford offloading the hurricane risks of Florida on the rest of their clientele (or on their owners/shareholders) anymore.
With all the other companies withdrawing or being on a watch list for getting broke, insurance will go through the ceiling in that state.
I'm afraid this will lead to a load of uninsured property in the near future, and horrid cries for government help after the next hurricane swipes through.
i think it has little to do with hurricanes
sure, it increases the risk to a certain degree but companies can always just charge more to offset the costs of paying out premiums. the problem is that the state government has certain prohibitive laws in the insurance space meant to more or less subsidize homeowners insurance
it's not easy to be an insurance company in florida with the high rates of fraud and the state needing to approve all sorts of premium increases
ultimately what i foresee happening in the near future is likely an increase in the state-funded insurance programs. which to be honest, i'm totally OK with. i don't like insurance companies
although it is ironic if it does go down that route - collectivism in the state that "woke goes to die" as our dear governor delicately put it
It'd be a great counter protest to fight the government doing that with all sorts of anti socialism signs.
We don't need no government insurance handouts, we're real men and woman and if a hurricane knocks our house down fuck the government, we just need to pull ourselves up by our bootstraps and we'll be okay!