AAA pulls back from offering insurance in Florida, following Farmers
CBSN
AAA will not renew the auto and home insurance policies for some customers in Florida, joining a growing list of insurers exiting the Sunshine State amid a growing risk of natural disasters.
"Unfortunately, Florida's insurance market has become challenging in recent years," the company said in a statement emailed to CBS MoneyWatch. "Last year's catastrophic hurricane season contributed to an unprecedented rise in reinsurance rates, making it more costly for insurance companies to operate."
AAA declined to say how many customers won't have their policies renewed, saying only that the change will affect "a small percentage" of policy holders.
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