Insurance is important if you are a farmer since you need to be prepared for potential risks and problems that could arise in the future. And one of the best insurers in America is called Farmers Insurance or more popularly known as just Farmers. But does Farmers Insurance cover Florida? Here’s the answer for you.
Why Should You Get Insurance for Your Farm?
The most basic things you should insure in your farm is property and then livestock and crops. For property, you have to get your property insured because it could get damaged due to various reasons from natural ones like the weather, to the criminal ones like vandalism and theft.
Livestock and crops are the main products of a farm, and that’s why you should also make sure they are insured. Your earnings could be significantly reduced if your livestock and crops got damaged due to natural disasters like earthquakes or hurricanes, and since they are living beings, diseases should be also considered as a potential problem. By having insurance to cover these, you could work with more freedom knowing that you don’t have to panic if a problem happens.
Farmers Insurance
One of the best insurers for farmers is called Farmers Insurance or most people also called just Farmers. John C. Tyler and Thomas E. Leavey, who was growing up in a rural environment, founded this insurance company in 1922. While the name is Farmers Insurance, but at first, this company only insured vehicles since both Tyler and Leavey believed that since farmers have better driving records than most urbanites, they deserve lower premiums of insurance.
Now, this company is not only insuring vehicles, but also homes and small businesses including small farms. They currently have over 21,000 employees and around 48,000 agents both exclusive and independent.
Do They Operate in Florida?
Does Farmers Insurance cover Florida? Unfortunately, the answer is not anymore. This already happened last year because the company is trying to handle the great risk of hurricanes in Florida. Before, Farmers were serving around 100,000 clients in Florida but the company said that if the customers are already using subsidiaries owned by Farmers, then there will be no impact.
Farmers decided to get out to manage the risk exposure. You already know that Florida is one of the most hurricane-prone states in the United States of America. This is because the geographical location of Florida, especially the low elevation that makes the region highly susceptible to hurricane damages.
2022 was particularly a bad year for Florida because the hurricane that happened in September caused huge damages that amounted to around $114 billion. It was the third hurricane with the greatest damage in the history of the USA after Katrina in 2005 and Harvey in 2017.
So, if you are wondering does Farmers Insurance cover Florida, the answer is they no longer do that. But you can always use Farmers’ subsidiaries like Bristol West or Foremost Signature or other insurance companies.