Central Florida Flooding in 2023 Credit: CNN

Farmers Insurance said Tuesday that it will no longer offer coverage in Florida, ending home, auto and others policies in the state in a move that will affect tens of thousands of residents. 

Farmers becomes the fourth major insurer to pull out of Florida in the past year, as the state’s insurance market looks increasingly precarious amid a growing threat from extreme weather.

“We have advised the Florida Office of Insurance Regulation of our decision to discontinue offering Farmers-branded auto, home and umbrella policies in the state,” Farmers spokesman Trevor Chapman said in a statement to CBS Miami. “This business decision was necessary to effectively manage risk exposure.”

Under Florida law, companies are required to give three months’ notice to the Office of Insurance Regulation before they tell customers their policies won’t be renewed.

Samantha Bequer, a spokeswoman for the Office of Insurance Regulation, told CBS Miami that the agency received a notice Monday from Farmers about exiting Florida. The notice was listed as a “trade secret,” so its details were not publicly available Tuesday. 

Farmers said the move will affect only company-branded policies, which […]

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