In the middle of what’s being called a “property insurance crisis” in Florida, several local homeowners said their policies are being dropped by Progressive, one of the biggest property insurance companies in the country.
Progressive Insurance is sending out more than 100,000 non-renewal notices to homeowners saying they are “rebalancing their exposure” in the Sunshine State, according to News 6 sister station News4Jax.
The Progressive property insurance shakeup primarily impacts what’s called DP3 Home insurance policies, which according to insurance experts, are homes that have older roofs or specific policies covering investment properties.
A total of 53,000 homes affected are in high-risk areas, and the remaining 47,000 are seasonal homes.
Insiders wrote News4JAX about what they are experiencing in the non-renewal process.
“After raising my rates dramatically last year, they now have dropped me. I have been moved to a new company, but I have not yet received my new quote,” Gary wrote.
Matt Carlucci Jr., owner of Brightway Insurance, said Progressive customers should be on the lookout for potential non-renewal notices.
“So if you are a Progressive customer for homeowners’ insurance, you know, you need to keep an eye on your mailbox. And if you happen to have signed up for paperless, you may not get a notice in the mail, it may come to your email. So watch your email in your mailbox like a hawk,” Carlucci said.
Carlucci, who has more than a dozen years in the insurance industry, said it’s critical that homeowners respond promptly to Progressive so they can reap the potential benefits of the non-renewals.
A Progressive spokesperson released this statement which reads in part:
“We’ve been able to identify a current property carrier, Loggerhead Reciprocal Interinsurance Exchange, in which we have entered an agreement with to offer replacement policies to affected policyholders.”
Carlucci said some Florida policyholders that were dropped by Progressive, might find a silver lining in the midst of the shakeup.
“The good news is that in most of these cases, they are matching your coverage and deductibles, and they’re coming real close on the premium, which is a really, really nice thing,” Carlucci said. “Progressive has always been a company to who has ensured a lot of new construction homes. As such, most companies right now in the insurance market really, really want those Progressive customers.”
News4JAX reached out to Progressive for comment on this story and we are still waiting to hear back.
If you are a Progressive customer and have not yet received a notice, insurance experts suggest you contact your insurance agent immediately to find out if you are affected.
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