Navigation Insurance Information Institute: ‘We have a very unstable property insurance market in Florida’
Farmers Insurance isn’t the only company to halt sales of new homeowners’ policies in Florida.
Fifteen other insurers have stopped writing new business in Florida over the past 18 months, according to the Insurance Information Institute (III), and three have voluntarily withdrawn from the market
“Companies have made decisions to stop writing new business for a variety of factors,” said Mark Friedlander, III’s director of corporate communications. “Many of them relate to what we call a man-made crisis of two issues, legal system abuse and claim fraud schemes. That’s what’s really driven Florida’s insurance crisis that we’re facing today.”
