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Farmers Insurance is leaving Florida in latest blow to homeowners
(www.tampabay.com)
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this post was submitted on 11 Jul 2023
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"Don't get to leave after taking policyholder money"
What do you think insurance is? You're not "purchasing" anything, you're buying an ability to recover losses. It's not like when I cancel my policy I get to walk away with a pile of boards from Home Depot on my insurance company's dime because I haven't had major damage to my house.
It's like if Netflix decided to cancel all subscribers in FL and the response was "I gave you all that money and I don't get to keep watching your movies forever???"
Typically when an insurer exits a state they either nonrenew the policies, meaning that you have coverage until the end of the policy period, or they stop writing new business but keep their renewals. Neither one of those constitutes taking the money and running. It's so weird that people would see it that way.