Farmers pulls out of Florida property insurance despite efforts to stabilize the market

Farmers Insurance is the latest property insurance company to pull out of Florida. The company informed the state Tuesday it wouldn't write new policies despite repeated efforts by Republican Gov. Ron DeSantis and the Legislature have made to try to calm the volatile market that is making homeownership less affordable. The company said in a statement that the decision affects policies issued through its “exclusive agency distribution channel.” It said there will be no effect on 70% of current policies in Florida. Critics of DeSantis, who is seeking the Republican nomination for president, say he has focused too much effort on divisive cultural issues and not enough on making housing and insurance more affordable.