Progressive says it won’t renew sure householders’ insurance policies in Florida

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Progressive says it won’t renew sure householders’ insurance policies in Florida | Insurance Business America















It will start sending out non-renewal notices in December

Progressive says it will not renew certain homeowners' policies in Florida


Property

By
Mika Pangilinan

Progressive has introduced that it’s going to not be renewing sure householders’ insurance coverage insurance policies in Florida starting May of subsequent 12 months.

An organization spokesperson confirmed the transfer to native information channel WFLA and stated Progressive has already initiated the mandatory regulatory filings to enact the change.

The non-renewals will primarily influence DP3 insurance policies which might be usually for second properties, in addition to different “direct and agency property policies.”

And whereas the spokesperson didn’t present actual figures, the Insurance Information 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 line with 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 stated notices will likely be despatched out to affected policyholders in December, whereas the primary wave of non-renewals will take impact in May 2024.

“Florida property remains an important part of our Progressive Home business, and we have no plans to leave the state,” they famous additional. “However, we have been working collaboratively with state officials and the Florida Office of Insurance Regulation to implement changes that allow us to rebalance our exposure while continuing to serve Florida homeowners.”

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. But consultants have stated it’d take a while earlier than the complete influence of those adjustments is felt.

Last 12 months, Progressive selected to not renew some 56,000 insurance policies, in line with Triple-I.

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