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

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

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

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

And whereas the spokesperson didn’t present precise figures, the Insurance coverage Info Institute (Triple-I) has projected that about 100,000 policyholders can be affected by the pullback.

This equates to 50% of the insurer’s present insurance policies within the state, based on 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 can be despatched out to affected policyholders in December, whereas the primary wave of non-renewals will take impact in Might 2024.

“Florida property stays an vital a part of our Progressive Home based business, and we now have no plans to go away the state,” they famous additional. “Nevertheless, we now have been working collaboratively with state officers and the Florida Workplace of Insurance coverage Regulation to implement modifications that permit us to rebalance our publicity whereas persevering with to serve Florida householders.”

Florida lawmakers have sought to deal with these challenges with sweeping property insurance coverage reforms in an try to stabilize the market and encourage insurers to stay within the state. However specialists have mentioned it would take a while earlier than the total influence of those modifications is felt.

Final 12 months, Progressive selected to not renew some 56,000 insurance policies, based on Triple-I.

What are your ideas on this story? Be at liberty to remark beneath.