Farmers Insurance announced in July the company will be withdrawing from the Florida insurance market due to the level of insurance risk posed in the state.
Farmers said only Farmers-branded insurance products are being ended in Florida, which account for roughly 100,000 auto, home and umbrella policies.
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Other insurance companies run by Farmers will stay in the Florida market, including Bristol West, Foremost Signature, Farmers GroupSelect, Foremost Choice and Foremost-branded policies, which account for about 70% of Farmers Insurance customers in the state.
A Farmers agency sent out messages to its policyholders on Tuesday to provide more information on the company’s withdrawal, which is expected to take place over the next year and a half.
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To start, the agency said that Farmers is set to continue issuing renewals on policies throughout the next few months, with many customers being able to renew their policies for another term with the company.
According to a letter from the agency, non-renewals will begin being issued in October for policies with future effective dates.
The letter shows home insurance policies that have a renewal date in 2023 and January 2024 will receive a renewal offer for one more term.
Meanwhile, auto insurance policies with a renewal date through November 2023 will also receive a renewal offer from Farmers for one more term, agents said.
The agency in Oviedo stated the agency will be reaching out to its customers within 60 days of their policy expiration date to offer a replacement coverage option with another carrier. However, policyholders should check with their respective agent, as that expectation could vary.
For any additional questions about renewal guidelines or what to expect amid Farmers’ withdrawal, please call your agent listed on your policy.
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