this post was submitted on 11 Jul 2023

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Farmers Insurance is leaving Florida in latest blow to homeowners (www.tampabay.com)

submitted 3 years ago by Odusei@lemmy.world to c/news@lemmy.world

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The decision was “necessary to effectively manage risk exposure,” the company said.

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[–] DannyMac@lemmy.world 7 points 3 years ago (4 children)

Huh, it's almost like for-profit insurance companies shouldn't be a thing...

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[–] neuropean@kbin.social 15 points 3 years ago (1 child)

On the other hand, maybe we should rebuilding in places with catastrophic disasters on an annual basis. How long should we keep doing the same thing expecting different results?

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[–] rusticus1773@lemmy.ml 11 points 3 years ago

It’s hard to stomach bailing out people and parts of the country for events caused by a process they actively deny and lie about.

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[–] paper_clip@kbin.social 13 points 3 years ago (1 child)

Florida actually has a state sponsored home owners insurance.

https://www.citizensfla.com/who-we-are

This was after private insurers started bailing out in the early 2000s when it became clear how ridiculously expensive it would be to provide hurricane insurance there.

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[–] dynamojoe@lemmy.world 4 points 3 years ago

I'm on Citizens. Every year I get a letter telling me they have the legal right to sell my policy if they find a comparable one in the private sector within 20% of what I'm paying. Every year they fail to find one. The best thing about Citizen's is that they can't leave the state.

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