USAA has a press release available on their website discussing their plan to begin restricting homeowners writings in Florida:
Florida politics have severely restricted USAA’s ability to charge adequate property insurance rates for the risk the association bears on behalf of its Florida members. These actions jeopardize our ability to protect the long-term viability of the association, as well as the assets of our members. Please consider the following facts:
1. Over the past 10 years, USAA has paid approximately $220 million more in Florida homeowner insurance losses and expenses than it has collected in Florida homeowner premiums.
2. Florida residents account for 49 percent of USAA’s exposure to natural disaster risk, yet make up only 9 percent of USAA policyholders and pay 12 percent of USAA’s property insurance premiums.
The press release goes on to say that new business will be restricted to military personnel with orders obliging them to move to Florida, and existing policyholders will be restricted to one insured property in the state.