Farmers Insurance Group will no longer write homeowners insurance in North Carolina because it risks paying out about double what it collects in premium in the state.

Farmers notified the North Carolina Department of Insurance and the state's agents that it will discontinue writing homeowners insurance Sept. 15 and will begin to not renew existing policies Dec. 1. Farmers currently holds about 1 percent of the market.

North Carolina has a FAIR plan, a beach plan and a coastal plan for those who cannot find insurance in the private market. Property/casualty insurers fund the plans and share in any losses and profits. Farmer's calculated that once they contributed to the difference, they would be paying double what they collect.

For more information, visit www.farmers.com/.

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