AAA says it won't renew a small percentage of homeowner and auto insurance policies in hurricane-wracked Florida, joining other insurers in limiting their exposure in the Sunshine State.
it was discontinuing new coverage of auto, home and umbrella policies in Florida, joining a long list of insurance woes to hit the Sunshine State recently.
Seven insurers have been declared insolvent in Florida since early 2022. Average annual property insurance premiums jumped 42% this year to $6,000 in Florida, compared to a national average of $1,700. About 15% of homeowners in the state didn’t have property insurance, compared with the national average of 7%, according to the Insurance Information Institute, a research organization funded by the insurance industry.
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