Farmers Insurance confirmed it plans to pull out of the North Carolina homeowners insurance market because of the rapid growth of last-resort catastrophic insurance plans in the state.
It's decision means that more than 40,000 homeowners in North Carolina will have to scramble for new coverage starting Sept. 15. Farmers is the ninth largest homeowners' insurer in the state, a company spokesman said.
An industry expert on catastrophe issues, Eli Lehrer of the Competitive Enterprise Institute, immediately voiced concern after being informed of Farmers' decision, fearing that more insurers could follow and pull out of the state.
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