Farmers Insurance is the latest home insurer to pull out of Florida’s market, labeling the move as a business decision that was “necessary to effectively manage risk exposure,” per the company’s statement provided to Fortune. Shortly after, AAA announced it'd reduce its presence in Florida.
This week, AAA announced that it’d “made the difficult decision to not renew a very small percentage of higher exposure homeowner’s policies in Florida,” according to the company statement provided to Fortune—because of, what it called, a “challenging” insurance market. Unlike Farmers, which announced its decision earlier this month, AAA will continue to write new home policies in Florida, aside from those it’s choosing not to renew.
