Progressive says it won’t renew sure owners’ insurance policies in Florida
Progressive has introduced that it’ll not be renewing sure owners’ insurance coverage insurance policies in Florida starting Could of subsequent yr.
An organization spokesperson confirmed the transfer to native information channel WFLA and mentioned Progressive has already initiated the mandatory regulatory filings to enact the change.
The non-renewals will primarily influence DP3 insurance policies which are usually for second properties, in addition to different “direct and company property insurance policies.”
And whereas the spokesperson didn’t present actual figures, the Insurance coverage Info Institute (Triple-I) has projected that about 100,000 policyholders will likely be affected by the pullback.
This equates to 50% of the insurer’s present insurance policies within the state, in response to Triple-I, with the transfer impacting 47,000 DP3 insurance policies and 53,000 insurance policies for properties deemed as excessive danger.
The Progressive spokesperson mentioned notices will likely be despatched out to affected policyholders in December, whereas the primary wave of non-renewals will take impact in Could 2024.
“Florida property stays an essential a part of our Progressive Home based business, and now we have no plans to go away the state,” they famous additional. “Nevertheless, now we have been working collaboratively with state officers and the Florida Workplace of Insurance coverage Regulation to implement adjustments that permit us to rebalance our publicity whereas persevering with to serve Florida owners.”
Florida lawmakers have sought to deal with these challenges with sweeping property insurance coverage reforms in an try and stabilize the market and encourage insurers to stay within the state. However consultants have mentioned it’d take a while earlier than the complete influence of those adjustments is felt.
Final yr, Progressive selected to not renew some 56,000 insurance policies, in response to Triple-I.
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