Farmers Insurance Group stops writing new property policies in Florida

[Xolodno]

10. I can take issue with some of that article.

State Farm doesn't insure jack shit in the Wildfire zones. There isn't enough incentive for them to do so.

Nor does Allstate. And the rate increases have been capped at 7% a year by the DOI, despite their financials showing they need higher rates.

Now what is interesting, the FAIR Plan (insurer of last resort) filed for almost a 50% rate hike, after acquiescing to the DOI's demands of increasing coverage amounts. If the Insurance Commissioner denies it, I think you will see more companies halt offering coverage. If he gives in, State Farm, Allstate and AIG (they quietly stopped taking new business) will put pressure...as will Farmers and other companies as they are already slowing down new business. I'm guessing the Insurance Commissioner will try to wait this out as he has an election to win. The drawbacks of some state offices of being elected officials.