Florida homeowners forced to look for alternatives after Farmers Insurance to leave state

TAMPA, Fla. (WFLA) -- Some Florida homeowners will be left looking for new insurance after Farmers Insurance said it would pull out of the state.

"I'm planning on having new policies within the next three months," Dawn Turner said.

Turner said her policy increased from $1,794 to $2,411.

"It's not a good sign for the market," said David Murray, an insurance claim attorney in Tampa. "Our legislature is giving away policy holder rights to insurance companies and they're getting nothing in return.

Twice last year, Florida lawmakers passed sweeping property insurance reforms meant to stabilize the market and keep insurers in the state. But, they're still reducing their footprint or leaving altogether.

Many are concerned that vulnerable residents will be pushed out.

"I will find a way to be part of the solution," Turner said. "I will not stand by and watch these elderly folks on social security and fixed incomes get pushed out of their homes because of insurance costs."

Pursuant to state law, the notices will start going out in October, so homeowners will have time to prepare for this transition.

Farmers offers insurance under several brands. A spokesman says they will keep providing insurance through subsidiaries including Bristol West®, Foremost SignatureSM, Farmers GroupSelectSM, Foremost Choice® and Foremost®-branded policies.