Current Events > Farmers Insurance Pulls Out of Florida, Affecting 100,000 Homeowners

(+) Yeah! (+)

Hurricane Ian devastated over a hundred miles of highly-populated coastline that has yet to fully recover almost a year later. A decent number of homes, local businesses and major fast food / gas station chains in my area have been effectively abandoned because it's not worth the investment to get them fixed up (and our area wasn't even the hardest-hit). Southwest Florida in general has seen direct impacts from three major hurricanes in the past 20 years, and it's only going to get more frequent.

Farmers won't be the last big insurance company to see the writing on the wall and decide that Florida is simply no longer a profitable investment.

As much as big business love republicans for lowering taxes and allowing them to externalize costs onto the public while absolving them of all civic and environmental responsibility... they still need to have a viable profit model.

FolkenRawr posted...

I don't understand how that's a bad thing?

Because insurance fraud is rampant in FL. There is a stat often brought up that almost 80% of the entire nation's home insurance lawsuits are just from FL.

tremain07 posted...

So do they give the people who paid their money back or do they get to dip without without having to give any refunds, oh who am I kidding, they're a corporation of course they can just leave without refunding any of their clients and most likely any of their workers who either moved out there to man those branches and or can't leave the state to follow them to another state branch.

Most likely just not renewing any policy there. I highly doubt they are just leaving without honoring their current policies.

Shadow_Don posted...

Because insurance fraud is rampant in FL. There is a stat often brought up that almost 80% of the entire nation's home insurance lawsuits are just from FL.

And their Senator and prior 2 term governor Rick Scott defrauded Medicare of over $1 billion when he worked in the private sector.
The rot runs DEEP in that state.

(silver lining: idiot Republicans put him in charge of their national party and he started fleecing them, too)

Humble_Novice posted...

I do not want California's tax dollars to be spent propping up a failed state like Florida.

https://youtube.com/shorts/Ip6XLDLWZcs?feature=share4

Think of the poor insurance companies :(

They're not issuing new policies or renewing them. It's similar to other insurers who left California. If the state makes the premiums too low to the projected claims then they're gonna leave that market.

Well, that didn't take long.

https://www.miamiherald.com/news/politics-government/state-politics/article277242188.html

The states chief financial officer, Jimmy Patronis, went further, accusing the company of leaving Florida because its business was too focused on sustainable insurance and aligning investments with its social values, like avoiding investing in polluters or companies that sexually or racially discriminate against employees, a process known as environmental, social and governance investing that has become a recent political target for Republicans.

The more we learn about Farmers Insurance the more its clear its leadership doesnt know what theyre doing. While theyre bad at helping people, theyre good at virtue signaling, Patronis wrote in a statement Tuesday. Its clear that while Farmers was making plans to exit a significant number of policies out of Florida, they were playing politics, and werent focused on running a successful company.

I sincerely believe that with todays actions, Farmers Insurance is well on its way to becoming the Bud Light of insurance, he wrote, a nod to the recent controversy when Bud Light hired a trans woman to run a single TikTok ad for the beverage, triggering a conservative backlash and boycott against the company over its support of the LGBTQ community.

The state's CFO is blaming Farmer's decision to leave on woke. It can't possibly be the free market doing its thing, it HAS to be culture war bullshit. The Republican Party is a fucking embarrassment to this country.

It's never republicans policies that cause the problems

darkace77450 posted...

Well, that didn't take long.

https://www.miamiherald.com/news/politics-government/state-politics/article277242188.html

The state's CFO is blaming Farmer's decision to leave on woke. It can't possibly be the free market doing its thing, it HAS to be culture war bullshit. The Republican Party is a fucking embarrassment to this country.

Lmfao.

Yea thay will definitely fix things.

darkace77450 posted...

Well, that didn't take long.

https://www.miamiherald.com/news/politics-government/state-politics/article277242188.html

The state's CFO is blaming Farmer's decision to leave on woke. It can't possibly be the free market doing its thing, it HAS to be culture war bullshit. The Republican Party is a fucking embarrassment to this country.

seriously, fuck Florida. we really need Bugs Bunny to get to work

Shadow_Don posted...

Yea thay will definitely fix things.

He knows they can't fix it. The climate is what it is and Florida home owners are going to be brutalized by Mother Nature over the course of the next decade. So rather than acknowledging that the scientists were right or that capitalism is cold and uncarring, he'd rather score points with his boss' base by blaming the usual suspects. It's as lazy as it is transparent, but it's not unexpected.

I don't think he understands how the free market works.

A state where the roads are paved with radioactive waste, no insurance company will take on the risks, the work force is massively deteriorating as demonized educators, medical personal and pretty much any profession that doesn't humor extreme right wing propaganda at the behiest of it's dictator like governor who almost certainly will refuse to give up power over something like "term limits" abandon and or are forced out of the state is a failed state. Let's be clear; Governor Fashion Violation, Pudding fingeres, Meatball, Bobblehead is not the only one to blame for this, he is the direct result of what solid Republican rule for almost 30 years will do to a state, not just any Republican rule, hard right , corporate humpers who openly embrace fascism, racism and corporate crony-ism.

Questionmarktarius posted...

What, did Florida attempt price controls or something?

A single large scale disaster, the type of which are becoming more and more likely with climate change, can mean financial ruin for an insurance company

the risk is increasingly not worth it to them

https://twitter.com/tomaskenn/status/1679638106234929153

Humble_Novice posted...

https://twitter.com/tomaskenn/status/1679638106234929153

If the reason is "hurricanes are expensive", then Florida can't really do anything other than offer sweetheart tax breaks or straight-up subsidies.

TheGoldenEel posted...

A single large scale disaster, the type of which are becoming more and more likely with climate change, can mean financial ruin for an insurance company

the risk is increasingly not worth it to them

This but you know the politicians are going to cry wokeness about it

Questionmarktarius posted...

If the reason is "hurricanes are expensive", then Florida can't really do anything other than offer sweetheart tax breaks or straight-up subsidies.

They've got a state-run home owners insurance program. It's not adequate, but they have one.

On that note, why is government-funded home owners insurance okay but government-funded health insurance is socialism and thus bad? I know Republicans think property matters more than people, but that's a brazen hypocrisy even by their already low standards.

darkace77450 posted...

You ever hear the phrase "pull yourself up by your bootstraps"?

Yes, and I disagree with it. Don't you?

WilliamPorygon posted...

Thanks for fucking me, Bert

https://www.youtube.com/watch?v=uk3esfDU-t4

Dude STOLE that rubber ducky all along.

darkace77450 posted...

On that note, why is government-funded home owners insurance okay but government-funded health insurance is socialism and thus bad?

Because it still costs money, and you're SOL if you didn't buy in, assuming it's functionally similar to flood insurance.

darkace77450 posted...

The state's CFO is blaming Farmer's decision to leave on woke. It can't possibly be the free market doing its thing, it HAS to be culture war bullshit. The Republican Party is a fucking embarrassment to this country.

Lmao, of fucking course they did.

Look everyone! The one trick pony is doing it's trick again! This is the 27 shitzillionth time, but surely it'll start being entertaining again at some point!

Keep it up, repubs. You've been absolutely sunk in the last two elections because you couldn't stop squealing like a pig under a gate about "woke" and "election fraud".

I heartily look forward to all the chud tears in '24, followed by the learning of absolutely fucking nothing.

thronedfire2 posted...

so if you have a business in Florida you have to stay there forever?

Imagine defending insurance companies.

AI_TechGam3FAQS posted...

How is he to blame for this?

He has been making the insurance situation worse in that state by lavishing the insurance companies with money and benefits, and now that their entitled asses want to leave, anybody in his administration acting like they're going to hold them accountable is just laughable.

DeSantis has basically encouraged the insurance industry to fuck over Floridians.

https://www.nbcmiami.com/news/local/floridas-insurance-crisis-only-expected-to-get-worse-analysts/3027455/