Major Insurer Drops Another 100,000 FL Homeowners

Florida Politics reports:

Progressive is declining to renew approximately 100,000 policies, according to Inside P&C, an industry publication for property and casualty insurance.

The publication reports that Progressive is rebalancing its homeowner’s book and will not renew 47,000 DP-3 policies and 53,000 high-risk homeowners’ policies in Florida. DP-3 policies are typically written for vacation homes, or any property that is not the insured’s primary residence.

High-risk policies are, as the name suggests, policies that are at higher risk of claims, including homes that are in flood-prone areas or areas at high-risk of being affected by a hurricane or other natural disaster.

Read the full article.

Report: @Progressive won’t renew 100,000 insurance policies as part of ‘rebalancing’https://t.co/qzIJTHNi6x#FlaPol

— Florida Politics (@Fla_Pol) September 29, 2023