Major property insurance companies are reducing coverage in a number of states or leaving them altogether as losses mount, and consumers are seeing their coverage yanked.
Florida Chief Financial Officer Jimmy Patronis says communication and negotiations have been met with atrocious effort from Farmers Insurance, which halted policies in the high-risk hurricane state this week.
Big names including State Farm, Allstate, and Farmers Insurance have announced they are not writing new business in California, and seven insurers have been declared insolvent in Florida since early 2022. The Wall Street Journal recently reported that insurers are looking to raise premiums on auto and homeowners insurance after suffering significant losses due to catastrophe costs, pointing out that several states suffered more than a billion dollars in damages from severe weather so far this year, including Texas, Illinois, Kentucky, Colorado, Tennessee, Arkansas and Missouri.
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