ORLANDO, Fla. — Farmers Insurance is dropping thousands of policies in Florida.
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It is shutting down about 30% of its business in the state, a move that could impact 100,000 customers.
State leaders are now saying they plan to hold will hold Farmers Insurance accountable.
Watch: Farmers insurance holders: What you can do next
Especially since thousands of Floridians are now scrambling to find new insurance policies.
Farmers Insurance officials said the move to end its property, auto, and umbrella policies was necessary to reduce the amount of risk the company faced.
Watch: What Florida’s property insurance rate hikes mean for deals, markets
Florida CFO Jimmy Patronis released a statement that said in part, “I have asked my team to put their heads together in holding Farmers Insurance accountable to Florida policyholders. I want additional scrutiny on this company. Therefore, I have directed my division of consumer services to conduct a deeper dive into Farmers Insurance complaints.”
Watch: It keeps getting worse: Florida property insurance rates set to jump up to 60%
The announcement came nine months after a pair of hurricanes pushed lawmakers to try to save the state’s sinking insurance market, which has been drowning in roof replacement lawsuits and higher reinsurance rates for carriers.
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