FL - Progressive Drops Some Agents, Non-Renews 100,000 HO and DP Policies in Florida
Almost two years after Progressive Insurance announced it would stop renewing some homeowners policies in Florida, Flo and crew have dropped another 100,000 HO and landlord policies in the state.
The insurance giant and Florida regulators said Progressive had struck an agreement with Tampa-based Loggerhead Reciprocal Insurance Exchange, a recent entrant into the Florida market, to offer replacement policies for affected customers early next year.
The dropped HO policies were considered “high risk,” although Progressive did not say which counties were most impacted. The carrier also will discontinue dwelling-fire and DP-3 policies in the state, and will begin sending nonrenewal notices in late December.
Also, the company said it has determined that certain agents will no longer represent Progressive Home insurance. The insurer did not name the agents but said they would be notified soon.
In a statement, Progressive said it needed to take the actions “to ensure we can be a long-term, viable property carrier option” for independent agents.
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“While we need to make these business decisions to help rebalance our book, we’re encouraged by and grateful for the work of Florida state officials who helped recently enact needed legislative reforms that are stabilizing the insurance business environment and encouraging new carriers to enter the market,” the statement reads.
Progressive has a strong presence in Florida. The state represents about 6.5% of all single-family homes in the US, but 17% of all homes insured by Progressive are there, the company said.
“Florida is a priority for Progressive Home and we are not leaving the property market,” the statement said. “We look forward to realizing the benefits of the recent state market reforms while we continue to insure more than 200,000 Floridians and their homes.”
