Farmers Insurance, one of the largest home insurers in the United States, is withdrawing from Florida after 70 years.

 

Farmers Insurance, one of the largest home insurers in the United States, is withdrawing from Florida after 70 years.  Insurers in Florida have been struggling with the rising costs of covering damage from hurricanes and other natural disasters. The company will stop renewing about 300,000 policies in the state, affecting about 1 million customers. The Florida homeowners insurance market is facing a $35B  shortfall. The average cost of homeowners insurance in Florida is $2,385 per year, 31% higher than the national average of $1,820 per year. State Farm pulled out of the Florida home insurance market in 2009, though it returned in 2014 and told Fox Business this week that it is sticking with the Florida market.