Insurance woes: AAA to drop some Florida insurance policyholders
AAA said the company has decided to issue certain non-renewals, saying the decision comes because Florida’s insurance market “has become more challenging in recent years.” The company spoke about the impacts of last year’s hurricane season. In a statement sent to WESH 2, the company said, “Last year’s devastating hurricane season contributed to an unprecedented increase in reinsurance rates, which meant higher costs for insurance companies.” Along with other insurance companies, it is making tough decisions. “This decision is not one we take lightly, but it is one that reaffirms our commitment to the state and to our insureds. We recognize that this is a difficult time for victims. AAA insurance agents are ready to help them find alternative coverage,” AAA said in a statement. AAA said it will continue to write new auto and home insurance for Florida members. Below: Lawmakers respond after the Farmers Insurance Group decides to stop writing new property policies in Florida. Top Headlines: Listen to news and weather headlines with the WESH 2 Podcast Subtropical Storm Dawn forms in the Atlantic AAA, leaving some Florida insurance policyholders stranded.
AAA said the company decided to issue some non-renewals because Florida’s insurance market has been “challenging in recent years.”
The company spoke about the effects of last year’s hurricane season.
In a statement sent to WESH 2, “Last year’s devastating hurricane season contributed to an unprecedented increase in reinsurance rates, making it more expensive for insurance companies to operate.”
Related: Farmers Insurance Group stops writing new property policies in Florida
AAA said it is working with other insurance companies to make difficult decisions.
“This decision is not one we take lightly, but it is one that reaffirms our commitment to the state and to our insureds. We recognize that this is a difficult time for victims. AAA insurance agents are ready to help them find alternative coverage,” AAA said in a statement.
AAA said it will continue to write new auto and home insurance for Florida members.
Below: Lawmakers respond after Farmers Insurance Group decides to stop writing new property policies in Florida
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