AAA’s Decision to Scale Back Auto and Home Insurance Policies in Florida Leaves Residents with Fewer Options for Property Insurance

Residents of Florida are facing fewer options for property insurance as AAA has announced that it will not be renewing some of its auto and home insurance policies in the state. This decision follows a trend of other major insurance providers scaling back their presence in the Sunshine State due to the increasing risk of natural disasters.

The company released a statement on Tuesday citing the “unprecedented rise in reinsurance rates” as the main reason for their decision. This rise is attributed to the catastrophic hurricane season of last year, which has made it more costly for insurance companies to operate.

AAA’s decision is a reflection of the current state of Florida’s insurance market, which has become increasingly challenging in recent years. The company has stated that it will be offering alternative options to customers whose policies are not being renewed.

The news of AAA’s decision comes as a blow to many Florida residents, who are now facing fewer options for property insurance. It is unclear how this will affect the insurance market in the Sunshine State, but it is likely that more insurers will follow suit in the near future.