Back to Top A white circle with a black border surrounding a chevron pointing up. It indicates 'click here to go back to the top of the page.'
Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.
Personal Finance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Insurance

What to do now that Farmers Insurance will stop insuring about 100,000 policies in Florida

Written by Libby Kane, CFEI; edited by Sarah Silbert
2023-07-13T14:51:46Z
Read in app
A row of pastel condominium beach homes on a white sandy beach
Homes on the beach in Destin, Florida. ghornephoto/Getty Images

Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate products and services to help you make smart decisions with your money.

  • Farmers Insurance will stop offering insurance in Florida.
  • This only affects Farmers-branded policies, which is about 100,000 policies.
  • Affected customers will receive a notification from Farmers and a recommendation to replace coverage.
  • Compare homeowners insurance quotes with Insurify »
Advertisement

Earlier this year, Farmers Insurance paused new home insurance policies in Florida, citing historically high catastrophe and rebuilding costs.

Now, the company has taken it a step further: On Monday, it informed officials that it will no longer be offering any type of insurance policies in the state under the Farmers brand.

News 6 Orlando reported that this change will affect about 100,000 Farmers-branded home, umbrella, and auto insurance policies. However, the bulk of insurance policies offered by Farmers in Florida are under other brands, like BristolWest and Foremost Signature. Those policies will continue.

Advertisement

"Affected customers will receive notifications detailing when their coverage will end and will be advised of options for replacement coverage," Farmers told News 6 in a statement.

Farmers isn't the only company to opt out of offering insurance in a specific area — both State Farm and Allstate have paused new home insurance in California, where severe weather and resultant high construction costs make it expensive to operate.

Next Step: Compare insurance quotes with Insurify »

How to find insurance you need in Florida

If you're looking to open a new insurance policy in Florida but don't know where to begin, it's probably worth your time to comparison-shop with multiple insurers to find the best quote for your specific needs. 

Advertisement

Several of our picks for the best homeowners insurance companies and the best car insurance companies are strong options if you need to insure your property in Florida, including:

  • Amica: our pick for best homeowners and best car insurance overall
  • GEICO: our pick for affordable home and car insurance
  • USAA: a great option for military members

Especially given the Florida's risk of storms and severe weather, you might also like to talk to an insurance agent to make sure you have adequate disaster coverage for home insurance in particular.

<span>Libby Kane, CFEI, is the Executive Editor for Personal Finance Insider, Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money Insider readers already know and love.  </span><span>She holds the Certified Financial Education Instructor (CFEI) certification issued by the National Financial Educators Council.</span><span>Previously at Business Insider, she oversaw teams including Strategy, Careers, and Executive Life.</span><span>Her team at Insider has tackled projects including:</span><span>• Women of Means, a series about women taking control of their finances</span><span>• Inside the Racial Wealth Gap, an exploration of the causes, effects, and potential solutions of the racial wealth gap in the US (finalist, Drum Award, "Editorial Campaign of the Year," 2021)</span><span>• Strings Attached, a series of essays from people who have left insulated communities and how that journey affected their relationship with money</span><span>• Master Your Money, a year-long guide for millennials on how to take control of their finances  (first runner up, Drum Award, "Best Use of Social Media," 2022)</span><span>• The Road to Home, a comprehensive guide to buying your first house (silver award winner, National Association of Real Estate Editors, "Best Multi-Platform Package or Series – Real Estate," 2022)</span><span>Personal Finance Insider also rates, explains, and recommends financial products and services.</span><span>Outside of personal finance, she's written about everything from why Chinese children are so good at math to the business of dogs to hard truths about adulthood.</span><span>In September 2016, she helped launch Business Insider Netherlands in Amsterdam. She also spent three years as a member of the Insider Committee, a cross-team focus group working on making Business Insider an even better place to work.</span><span>She's always interested in research, charts, and people: new and interesting research, compelling charts and other visuals, and people who are willing to share the details of their impressive financial accomplishments and strategies.</span><span>Before joining the company in March 2014, she was the associate editor at LearnVest, covering personal and behavioral finance.</span><span>If you have something to share, please reach out to lkane@businessinsider.com.</span>
Libby Kane, CFEI
Executive Editor, Personal Finance Insider
Libby Kane, CFEI, is the Executive Editor for Personal Finance Insider, Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money Insider readers already know and love.  She holds the Certified Financial Education Instructor (CFEI) certification issued by the National Financial Educators Council.Previously at Business Insider, she oversaw teams including Strategy, Careers, and Executive Life.Her team at Insider has tackled projects including:• Women of Means, a series about women taking control of their finances• Inside the Racial Wealth Gap, an exploration of the causes, effects, and potential solutions of the racial wealth gap in the US (finalist, Drum Award, "Editorial Campaign of the Year," 2021)• Strings Attached, a series of essays from people who have left insulated communities and how that journey affected their relationship with money• Master Your Money, a year-long guide for millennials on how to take control of their finances  (first runner up, Drum Award, "Best Use of Social Media," 2022)• The Road to Home, a comprehensive guide to buying your first house (silver award winner, National Association of Real Estate Editors, "Best Multi-Platform Package or Series – Real Estate," 2022)Personal Finance Insider also rates, explains, and recommends financial products and services.Outside of personal finance, she's written about everything from why Chinese children are so good at math to the business of dogs to hard truths about adulthood.In September 2016, she helped launch Business Insider Netherlands in Amsterdam. She also spent three years as a member of the Insider Committee, a cross-team focus group working on making Business Insider an even better place to work.She's always interested in research, charts, and people: new and interesting research, compelling charts and other visuals, and people who are willing to share the details of their impressive financial accomplishments and strategies.Before joining the company in March 2014, she was the associate editor at LearnVest, covering personal and behavioral finance.If you have something to share, please reach out to lkane@businessinsider.com.

Watch: As deadly fires force tens of thousands to evacuate in California, we look back on those who've lost their homes and businesses

Advertisement
Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.

Jump to

  1. Main content
  2. Search
  3. Account