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