ORLANDO, Fla. — For the second time this week, a major insurance provider is dropping policies for Florida homeowners.
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AAA announced it will issue some non-renewal notices for policyholders. The company hasn’t said how many people will be impacted.
The decision followers Farmers, who will impact about 100,000 people.
AAA said the non-renewals will be a “small percentage,” but won’t share exact numbers or who specifically will be impacted.
READ: Insurance company pulls out of Florida; 100K policyholders affected
Orlando homeowner Meisha King is uninsured and has been for a few years, and shopping around for new coverage has only gotten more difficult.
“I think it’s kind of scandalous, I think it’s something the government should step in and tend to,” she said. “I just kind of gave up and hope and pray to God that nothing happens, especially now that hurricane season is back again.”
Insurance expert Tom Cotton said Florida’s home insurance crisis is 25 years in the making.
READ: Farmers insurance holders: What you can do next
“At the end of the day, the cost of what insurance pays for is not going down,” he said. “Carriers are finding out that they have an overexposure.”
Cotton said two special legislative sessions have tried to fix thins by in part working to reduce legal costs for insurance companies.
Read: What Florida’s property insurance rate hikes mean for deals, markets
“Capital will flow into the marketplace,” he said. “We have to stop the bleeding first.”
If you’re impacted by either AAA or Farmers, Cotton said the first thing to do is reach out to an insurance agent, who is required to offer you an alternative.
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