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About to lose residence insurance coverage? Don’t panic!
Right here’s why Progressive isn’t renewing sure insurance policies (and what you are able to do about it).
Florida’s insurance coverage market has gone by means of a variety of adjustments over the previous few years—from new legal guidelines to whole insurance coverage corporations pulling out of the state.
Sadly, many Floridians have discovered themselves caught up within the turmoil.
Not too long ago, we obtained discover that Progressive House can be sending non-renewal notices to roughly 115,000 Florida owners. So what does this imply for you?
First, don’t panic! As with every business, the one fixed factor in insurance coverage is change. That is nothing that your native impartial insurance coverage agent can’t deal with!
What’s Going On With Progressive?
With a income of practically $50 billion, Progressive Insurance coverage Group is among the largest property insurers within the nation. So why are they dropping so many Florida insurance policies?
It’s all in an effort to “rebalance” their property e-book.
In accordance with the corporate, Florida properties account for 17% of Progressive’s portfolio, however solely 6.5% of all properties within the U.S. By shifting their property e-book, Progressive House is working to strengthen their presence within the state to allow them to preserve providing nice protection.
Progressive stated they’re “dedicated to the Florida property market” and that these adjustments will “assist insure our long-term future on this state.”
Progressive Non-Renewals
Progressive will start sending out non-renewal notices on the finish of this 12 months, giving owners loads of time to search out alternative protection.
Don’t fear; not everybody can be affected.
The key change is that Progressive will not offer dwelling/hearth, or DP3 insurance policies. Dwelling/hearth insurance coverage is similar to owners insurance coverage, however primarily used for properties that aren’t owner-occupied.
Florida residents with a dwelling hearth insurance coverage coverage by means of Progressive House ought to count on to obtain a non-renewal discover by early 2024. These are sometimes individuals who personal a house that they don’t stay in.
- “Snowbirds” with a secondary residence in Florida
- Landlords who hire property to tenants
- Anybody with a vacant residence
Progressive additionally stated that sure “high-risk properties” could be affected.
Will This Have an effect on My Insurance coverage Rating?
Don’t fear! Getting a non-renewal discover just isn’t the identical factor as having your insurance coverage canceled.
In case your insurance coverage coverage is canceled, it’s sometimes due to one thing you probably did (or didn’t) do, akin to not paying your premiums or committing fraud in your insurance coverage software.
When an insurance coverage firm decides to not renew sure insurance policies, it’s often because of circumstances out of anybody’s management, akin to a tough insurance coverage market or a rash of dangerous climate.
With a non-renewal, you’ll nonetheless obtain protection till your coverage’s expiration date, whereas a cancellation will finish your protection earlier than this time.
Whereas a cancellation will carry down your insurance coverage rating, non-renewals is not going to—so long as you get alternative protection instantly.
The Good Information
Discovering alternative protection when your insurance coverage firm decides to not renew is often fairly easy. On this case, nevertheless, it’s even simpler: Loggerhead Insurance coverage has agreed to offer alternative protection to all affected policyholders.
Headquartered in Tampa, Loggerhead is conversant in Florida’s insurance coverage market and has a Monetary Stability Ranking of ‘A’ – Distinctive from Demotech.
Loggerhead Insurance coverage will begin sending protection gives beginning early subsequent 12 months, however you even have the choice to search out your individual alternative protection by means of an impartial insurance coverage agent, if you want.
As a result of they aren’t tied to a particular service, impartial brokers can give you a number of quotes from quite a lot of insurance policies and carriers that suit your wants, saving you time.
Conclusion
Discovering out that you’ll be dropping your insurance coverage coverage might be startling, however at Harry Levine Insurance coverage, we’re able to make the transition as simple as doable.
Our pleasant brokers take the time to debate your wants, finances, and risk-tolerance so we are able to discover the coverage that’s simply best for you, whether or not it’s Loggerhead Insurance coverage or one other service totally.
Moreover, we all know Florida as a result of we’ve been serving to owners acquire nice protection for greater than 40 years.
Name at this time or go to our web site for a free quote.
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