TALLAHASSEE — Farmers Insurance Group announced Tuesday that it would no longer write new policies or renew existing homeowner, auto and umbrella policies, a day after Florida Chief Financial Officer Jimmy Patronis took to Twitter to threaten to take action if it did. “Hearing rumors @WeAreFarmers might pull out of Florida,” Patronis tweeted Monday afternoon. “If that’s true my office is going ...
It doesn’t reduce the risk, it merely shares the cost across more people. You also don’t seem to be aware that the Federal Government is already subsidizing Flood Insurance in Florida through the NFIP which is administered by FEMA. The people living there are already benefiting from distributed cost via direct contributions from Federal Tax money.