After devastating 2022 hurricane season, AAA not renewing some insurance policies in Florida
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
ORLANDO, Fla. (AP) — AAA won’t renew “a very small percentage” of homeowners and auto insurance policies in hurricane-wracked Florida, joining other insurers in limiting their exposure in the Sunshine State despite efforts by lawmakers to calm the volatile insurance market, the company said Tuesday.
AAA said in a statement that it wasn't leaving Florida, but that last year's devastating hurricane season had led to an “unprecedented” rise in reinsurance rates, making it more costly to operate.
Officials with the company refused to say how many policies in Florida wouldn't be renewed but said that they were “higher exposure” package policies which bundle homeowners and auto policies and were underwritten by Auto Club Insurance Company of Florida. An AAA spokesman wouldn't explain how the company defined “higher exposure," when asked.
“This is a decision we do not take lightly,” the AAA statement said. “We acknowledge that this is a difficult time for those affected.”
