Farm Bureau Insurance said it is dropping about 3,000 South Carolina home insurance customers after paying out millions in storm-related claims last year.
The Post and Courier of Charleston reported that property owners in 17 coastal and Pee Dee counties will receive non-renewal letters over the next year.
A Farm Bureau spokeswoman said the company paid $36 million in claims last year, the most since Hurricane Hugo in 1989. One April 2011 storm dropped baseball-sized hail on Berkeley County, triggering $23 million in claims.
Farm Bureau said it’s helping customers find policies with other companies.
Last week, Allstate announced it was dropping 10,000 South Carolina home insurance customers who don’t also carry Allstate auto coverage, have older homes and who insure their homes for less than $220,000.
Topics Agribusiness Homeowners
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