Slide acquires all Farmers Insurance homeowner policies in Florida

TAMPA, Fla. (WFLA) -- Slide Insurance, which is based in Tampa, has acquired the renewal rights for all Farmers Insurance homeowners policies in Florida after the company announced it would no longer do business in the state.

Slide will now cover 86,000 customers who previously had homeowners insurance through Farmers, according to a news release. The acquisition does not include renters, auto or umbrella policies.

"We remain bullish on Florida's insurance market and believe the market is ripe for an innovator like Slide," Slide Founder and CEO Bruce Lucas said in a statement. "The recent reforms are working and the Florida insurance market is stabilizing."

Slide renewals will begin in February 2024.

Earlier this month, Progressive insurance announced it would be dropping tens of thousands of homeowners policies.

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.

State-backed Citizens Insurance, the state's largest property insurer although it is the insurer of last resort, has at least one million policies. Florida leaders are seeking to shift policies into the private market, because of the financial risks.