HomeHome InsuranceProgressive dropping 100K policies in Florida as homeowners see insurance premiums rise...

Progressive dropping 100K policies in Florida as homeowners see insurance premiums rise – NBC 6 South Florida

Progressive will not be renewing 100,000 Florida home insurance policies — half of the company’s business in the state — according to the Insurance Information Institute.

The company announced non-renewal notices will start going out in December, but even if you’re not getting dropped, you might be getting some bad news, according to a report from WFLA.

Beth Moran, a resident of Sarasota, told WFLA she has a policy is with “Progressive Home,” and received a renewal offer, but the letter came with the news that her insurance premium was increasing by more than $2,000.

In the last two years, Moran has seen her premium more than double, going from about $2,621 in 2021 to $5,621.

“I called up and I said, ‘What is this about?’” Moran recalled. “They said ‘Well your home is old, and it might need a new roof at some point,’ I said but it doesn’t need a new roof now, and I’ve never had a claim.”

In recent years Florida has tried to tackle the state’s insurance crisis.

In 2022, there were two special legislative sessions where lawmakers claimed the rates would go down eventually.

“We believe that hopefully within a year or so, your property insurance rates will go down and if they don’t there will be hell to pay,” said State Sen. Kathleen Passidomo during a news conference in February.

In the meantime, Floridians are still getting dropped or facing big premium hikes.

Jeff Sibel, a Progressive spokesman told WFLA they’re dropping some policies to rebalance their exposure in the state, but they are not leaving Florida.

“While we know these changes are not welcome news for those that are directly affected, we’re encouraged by and grateful for the work of Florida state officials who recently helped enact needed legislative reforms that are stabilizing the insurance business environment and encouraging new carriers to enter the market,” Sibel said in a statement. “The actions we’re taking are necessary to ensure that we can continue to write business in Florida in a meaningful way—and we expect these actions will better position us to build a stronger, more stable, and more competitive Progressive Home business for consumers and independent agents in the long run.”

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