(Photo by Joe Raedle/Getty Images) Joe Raedle/Getty Imagesįlorida is now America's inflation hotspot The Labor Department announced that the consumer-price index measured 6% for the year ended in February, down from January's 6.4% and in line with economists' expectations. MIAMI, FLORIDA - MARCH 14: A customer looks over merchandise at a store on Main Miami, Florida. Florida requires affected policyholders to receive a 120-day notice that their policies aren’t being renewed. National insurers don’t have a major presence in Florida, including Farmers, which has barely a 2% share of the state’s insurance market. “Affected customers will receive notifications detailing when their coverage will end and will be advised of options for replacement coverage.”
“Such policies will continue to be available to serve the insurance needs of Floridians,” Farmers Insurance spokesperson Trevor Chapman said in a statement. Farmers serves 100,000 customers in Florida but said there will be no impact to customers who use Farmers’ owned subsidiaries like Foremost Signature and Bristol West. The company said in a statement that its decision to get out of Florida was a business decision necessary to manage its risk exposure in the hurricane-prone state. Farmers Insurance will stop offering its policies in Florida, including home, auto and umbrella policies, in a change that will force thousands of people to change their insurance provider.
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