Tag: farmers insurance

USAA and Farmers homeowners insurance rates spike by almost 15 percent

G. Turner
Homeowners insurance - Rates rising

A new S&P Global Market Intelligence report showed that the insurers were charging much higher premiums. The United States Automobile Association (USAA) and Farmers Insurance Group have raised their homeowners insurance rates by an average of almost 15 percent in 2023, according to a recent report. That increase is notably higher than all other major insurers in the United States. According to the October 3 S&P Global Market Intelligence report, the average increase in homeowners insurance rates across the country up to August was 8.8 percent. That said, through to…

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Farmers drops 100,000 auto and home insurance policies in Florida

H. Cutner
Home insurance and auto insurance - files

The insurer has announced that it will no longer write new policies or renew existing coverage in the state. Farmers Insurance Group has announced that it will no longer be writing or renewing existing auto, umbrella or home insurance policies. This decision will impact about 100,000 customers across the state that is already facing a coverage crisis. The auto and home insurance company made its decision only one day after Florida Chief Financial Officer Jimmy Patronis threatened to take action against the insurer if it proceeded with its plan. Hearing…

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Farmers sets California home insurance limits, further restricting the state

G. Turner
Home insurance shopping online - Limits

This step was taken on the heels of State Farm’s and Allstate’s exit from selling there. Farmers Insurance has made a filing revealing that it is implementing restrictions on home insurance in California, further limiting the choices residents of the state have to protect their properties. Insurers have been blaming increasing wildfire risk and rising costs of repairs and replacements. Farmers is only the latest to change the way they do business in the Californian home insurance market. Allstate and State Farm both announced earlier this year that they will…

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How Insurance Can Encourage Farmers to Mitigate Climate Change Risks

Guest Author

The sweeping impacts of climate change impact farmers at significant rates. As a result, insurance companies take a hit as well. For example, when nearly 20 million acres of farmland flooded in the American West, it initiated $4 billion in payouts from a federal crop insurance program. Because of disasters like this, farmers are coming around on the importance of mitigating the impacts of climate change to protect their own livelihoods. Insurance companies can help farmers make beneficial sustainability choices by helping those in the agriculture industry understand their impact…

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Business insurance policyholders covered by Farmers to receive added relief

Nordstrom
Business insurance policyholders - server in empty restaurant

The insurer said it would be offering added relief to 115,000 customers in certain sectors. Farmers has announced its intention to provide relief to over 115,000 of its business insurance policyholders. The insurer is using its Farmers Cares initiative to provide added support to customers facing struggles from COVID-19. The Farmers Cares initiative is focused on business insurance policyholders in the office, retail, restaurant and service sectors. Those are among the areas most powerfully hit by the COVID-19 outbreak. To boost relief to those companies, the insurer will be providing…

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