Newcomer Slide Insurance assumes 86K Farmers Insurance homeowners policies in Florida

Slide Insurance, a newcomer to the Florida home insurance industry, will assume 86,000 policies from Farmers Insurance, which announced in July that it was no longer writing home insurance policies in Florida and exiting the state.

The Farmers Insurance assumptions Slide will take on do not include auto, renter or umbrella policies, and will only impact policies set to renew in February 2024. Farmers agents will be offered appointments with Slide, allowing homeowners the possibility of staying with their insurance agent.

Farmers announced in July that the firm would stop writing new business and non-renew its existing “Farmers-branded” auto, home and umbrella policies in the Sunshine State. Just a month later, Farmers announced that it was laying off around 11% of its workforce, which is about 2,400 employees.

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AAA and Progressive Home have since come out and announced plans to non-renew a large number of their Florida home insurance policies. AAA said that it planned to non-renew a “small” number of its policies, though the company did not give specific details on the number. Progressive dropped an estimated 100,000 policies.

In August, Farmers announced that it was laying off 11% of its workforce, which consisted of about 2,400 employees.

Here’s what to know about Slide Insurance and what to do if your policy was assumed.

What is Slide Insurance?

Slide Insurance was founded in 2021 and took on 147,000 Florida home insurance policies from insolvent St. Johns Insurance Co. The firm then went on to assume 91,000 policies from United Property & Casualty before it was put into receivership this year. Most recently, it was approved to assume 75,000 policies from Citizens Insurance, Florida’s insurer of last resort.

Slide Insurance says that it has already grown to become one of the largest “insurtech” companies in the country, a term most are likely unfamiliar with. The term is the amalgamation of the words “insurance” and tech” used to describe a company that uses technology to offer its customers more competitive prices while streamlining the customer experience.

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Who owns Slide Insurance?

Slide Insurance was founded in 2021 by Bruce Lucas, the former Heritage Insurance founder and CEO.

What is Slide Insurance financial rating?

Slide Insurance has an “A or Exceptional” financial stability rating from Demotech, Inc. It finalized a $100 million catastrophe bond and secured $35 million in additional capital over the summer. Slide has $65,304,864 in policyholders surplus, which is the capital and surplus of an insurance company, according to Demotech.

How long has Slide Insurance been in business?

Slide Insurance was founded in 2021.

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What states does Slide Insurance write in?

Slide Insurance only operates in the state of Florida.

What should I do if my policy is being assumed?

If you received a letter indicating that your policy is being assumed by a company, due to any number of reasons, the first thing to do is get in touch with your insurance agent. In the past, the easiest route was simply allowing your policy to be assumed. This process is typically automated for homeowners as the policy will go into effect on the date specified in the assumption letter.

Reaching out to your agent early has many benefits: They can go ahead and get quotes ready to verify if the company that assumes your policy is competitive, they can help you review your coverage and make sure the new policy fully covers you and they can give you advice on how to proceed, which could include notifying you of needed inspections and more.

This article originally appeared on Pensacola News Journal: 86K Farmers Insurance policies to go to Slide Insurance. What to know