Progressive says it is not going to 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 Could of subsequent yr.

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 affect DP3 insurance policies which can be sometimes 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 accordance with Triple-I, with the transfer impacting 47,000 DP3 insurance policies and 53,000 insurance policies for properties deemed as excessive threat.

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 Could 2024.

“Florida property stays an necessary 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 adjustments that enable 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 and stabilize the market and encourage insurers to stay within the state. However specialists have stated it’d take a while earlier than the complete affect of those adjustments is felt.

Final yr, Progressive selected to not renew some 56,000 insurance policies, in accordance with Triple-I.

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