It’s going to start sending out non-renewal notices in December
Progressive has introduced that it’ll not be renewing sure owners’ insurance coverage insurance policies in Florida starting Might 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 impression 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 precise figures, the Insurance coverage Data 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, in response to 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 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 necessary a part of our Progressive Home based business, and we have now no plans to go away the state,” they famous additional. “Nonetheless, we have now been working collaboratively with state officers and the Florida Workplace of Insurance coverage Regulation to implement modifications that enable us to rebalance our publicity whereas persevering with to serve Florida owners.”
Florida lawmakers have sought to handle these challenges with sweeping property insurance coverage reforms in an try to stabilize the market and encourage insurers to stay within the state. However consultants have stated it’d take a while earlier than the total impression of those modifications is felt.
Final yr, Progressive selected to not renew some 56,000 insurance policies, in response to Triple-I.
What are your ideas on this story? Be happy to remark under.
Sustain with the newest information and occasions
Be a part of our mailing record, it’s free!