Insurers retreat from Florida coast
Florida’s largest private home insurer will strike windstorm damage from more than 50,000 policies next year to reduce its risk profile.
State Farm Insurance, Florida’s largest home insurer with more than 1 million policyholders, announced earlier this month it was extending its “coastal setback area” for windstorm damage. This followed moves by fellow insurers Allstate and Nationwide to reduce their personal lines cover.
State Farm spokesman Justin Glover says the setback area has been doubled to 3.2km. Policies inside that area will not be renewed for windstorm damage from January 1, but cover for other risks such as fire and theft will remain.
State Farm Insurance, Florida’s largest home insurer with more than 1 million policyholders, announced earlier this month it was extending its “coastal setback area” for windstorm damage. This followed moves by fellow insurers Allstate and Nationwide to reduce their personal lines cover.
State Farm spokesman Justin Glover says the setback area has been doubled to 3.2km. Policies inside that area will not be renewed for windstorm damage from January 1, but cover for other risks such as fire and theft will remain.