SARASOTA, Fla. (SNN TV) — If you have home insurance through Farmers, there’s a possibility they won’t renew your policy in 2024.
Last summer, Farmers Insurance announced it was not going to renew around 30 percent of its total business in Florida. This move would affect about 100,000 customers in the state. This will begin February 2024, depending on your renewal date.
However, if you’re one of the customers not being renewed by Farmers, that doesn’t mean you’re not being renewed at all. Another insurance company is taking up those policies.
“Slide [Insurance] approached Farmers after this announcement and proposed they’d be willing to take on these policies with what’s called a guaranteed renewal,” said Mark Friedlander, the Florida spokesman for the Insurance Information Institute.
This means if you have home insurance through Farmers and they don’t renew you, you’ll get a 120-day written notice. Slide will offer you a renewal quote but be warned: Slide has admitted that quote has a pricey downside.
“Mostly likely, their rate will be higher than the current Farmers pricing,” Friedlander said.
And it may be dramatically higher.
“Say it’s double the price. ‘Wow, I have to really pay that? I have no choice?’ No, you do have choice,” he assured.
Friedlander said one choice customers have is Citizens, the state’s insurance of last resort. Based on new reforms by the Florida legislature, if a private quote is within 20 percent of your Citizens quote, you must take the private quote.
