Fewer options for property insurance in Florida Fewer options for property insurance in Florida 02:30.
"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.
Farmers Insurance recently said it will no longer offer coverage in the state, affecting roughly 100,000 customers.
Farmers said the move will affect only company-branded policies, which make up about 30% of its policies sold in the state.
Bankers Insurance and Lexington Insurance, a subsidiary of AIG, left Florida last year, saying recent natural disasters have made it too expensive to insure residents. »