TAMPA, Florida (TodayNews) — Some homeowners in Florida will have to look for new insurance after Farmers Insurance said it would be pulling out of the state.
“I plan to introduce a new policy within the next three months,” said Don Turner.
Turner said her policy increased from $1,794 to $2,411.
“This is a bad sign for the market,” said David Murray, an insurance claims attorney in Tampa. “Our legislature gives insurance companies the rights of policyholders, and they get nothing in return.
Twice in the past year, Florida lawmakers have pushed through sweeping property insurance reforms designed to stabilize the market and keep insurers in the state. But they continue to reduce their presence or leave altogether.
“The light of insurance germs”: Farmers Insurance is waiving tens of thousands of policies in Florida
Many fear that vulnerable residents will be pushed out.
“I will find a way to be part of the solution,” Turner said. “I won’t stand by and watch these seniors on Social Security and fixed income get kicked out of their homes because of insurance costs.”
In accordance with state law, notifications will begin in October, so homeowners will have time to prepare for this transition.
Farmers offer insurance under several brands. The spokesperson says they will continue to provide coverage through subsidiaries including Bristol West®, Foremost SignatureSM, Farmers GroupSelectSM, Foremost Choice® and Foremost® branded policies.