Florida CFO rips Farmers Insurance becoming the ‘Bud Light’ of the industry

Florida Chief Financial Officer Jimmy Patronis says communication and negotiations have been met with 'atrocious' effort from Farmers Insurance, which halted policies in the high-risk hurricane state this week. #FOXBusiness

FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in October 2007 and is one of the leading business networks on television, having topped CNBC in Business Day viewers for the second consecutive year in 2018. The network is available in nearly 80 million homes in all markets across the United States. Owned by FOX Corporation, FBN is a unit of FOX News Media and has bureaus in Chicago, Los Angeles, and Washington, D.C.

[stevenjamison]

Farmers doesn't want to insure high risk areas anymore. Don't try to make it something it isn't. It just comes down to money.

[toddtheisen]

So...everything wrong in Florida is because of "Bidenomics". Talk about ducking personal responsibility.

[socalboogie]

In fairness, he does admit there are problems existing in Florida and there are other carriers that have already left. The comparison to Bud Light makes no sense.

[johnpatrick]

You only need to 5th-grade math to figure out why home insurance is a risky business in Florida.

[Primarchth]

Private business can do WHAT IT WANTS!!!! W T F

[VonGolden-rxjj]

I always advise folks to shop your insurance every two or three years. There is no points given for your loyalty to any one insurance agency.

[kencole]

Farmers has a way of not paying the claims given to them, from my experience, they are worthless!😮

[oleonard]

Insuring people in a disaster zone is a bad risk.

[timothymitchell]

This has nothing in particular to do with Famers, Insurance rates in my neighborhood and city and state are going up 40% which my insurance did, there are some people in my city, house insurance has doubled, and some have had their insurance canceled completely and there is nowhere to go other than the state run citizens insurance company, and they are overwhelmed. In my particular case with Allstate, my insurance premiums went up 40%. I can no longer afford to live here. DeSantis couldn't care less about problems in Florida, and Florida residents, he has provided a complete lack of interest, lack of leadership, and all he cares is about himself. The homelessness rate in my city is skyrocketing. People simply can't afford housing. Meanwhile, he's fiddling, while Rome is burning.

[BillyBlaze]

Ive been with Farmers for over 30 years, I will be calling my agent tomorrow and letting them know why I am leaving them for my home and auto policies

[johnpatrick]

The new Fl laws around home insurance that I have seen basically screws homeowners. I'm surprised Desantis isn't getting blasted over it.

[randallharman]

I had a bad experience with farmers insurance when my truck was stolen I personally went to the office and personally talk to the agent who sold me my policy when I told him that my truck had been stolen he looked at me like he was mad and said, are you serious, and when I said yes, he handed me a card and said ( we are done buddy) and he handed me a card with a toll free number on it and that’s when the nightmare started! That’s when they started lecturing me on what they did not cover for the next 72 hours ! They claimed I had to wait 72 hours to let them determine if I had just lost my vehicle. During that time they did not offer me a rental car, a hotel room or anything. After a six week. They sent me a small check, which I took, because I was tired of the battle! We shouldn’t be required to buy policies from a company that is only going to fight you to make sure your policy doesn’t get payed in full!

[MountainPerson]

As a conservative Floridian, this guy is full of it. The huge amount of phony insurance claims has been crushing Floridians for decades

[Desertdragon]

I live in New Mexico and I just dropped Farmers and by tomorrow our whole family will.
We are done with this woke BS.

[theonlytestoftruthistime.]

3 Water temperatures across the Gulf of Mexico and Southwest Atlantic are 4 to 5 degrees (2 to 3 degrees Celsius) warmer than normal, Orrison said. Because the water is so warm, the air in Florida gets more humid and “that's making things tougher or more oppressive for people who are going to be out and about, ” he said. The heat dome that baked Texas and Mexico for much of the early summer has oozed its way to Florida with sunshine, little to no cooling clouds or rain, but humidity worsened by the hot oceans, Orrison and McNoldy said. Not only will it stick around for a while as weather patterns seem stuck — a sign of climate change, some scientists contend — “it may actually tend to get a little bit worse, ” Orrison said, with extra heat and humidity that has NOAA forecasting a heat index around 110 by weekend.

[greylatern]

Lol it's not woke. It's business, risk vs. reward.
Florida is a high risk for increasingly worse weather. Insurance companies are pulling out of California for the same reason.
Lol this isn't a political issue at all.
There will be even more pulling out soon enough. Especially along the cost.

[anniel]

People ban farmers. Hope they go bankrupt and employees gets layoffs

[ws]

But there's no inflation. Insurance is a complex service that can't be manipulated. DeSantis Florida is failing.

[kurtwilliams]

Republicans: climate change isn't real, if it was, banks and insurance companies wouldn't finance beach front property.

Farmers insurance pulls out of Florida.

Republicans: Farmers Insurance is WOKE!

[rocinblues]

State Farm stated this afternoon they are expanding coverage in Florida. We don't need Farmers in FL!