About to lose house insurance coverage? Don’t panic!
Right here’s why Progressive isn’t renewing sure insurance policies (and what you are able to do about it).
Florida’s insurance coverage market has gone by means of quite a lot of adjustments over the previous few years—from new legal guidelines to total insurance coverage corporations pulling out of the state.
Sadly, many Floridians have discovered themselves caught up within the turmoil.
Not too long ago, we obtained discover that Progressive Residence will likely be sending non-renewal notices to roughly 115,000 Florida owners. So what does this imply for you?
First, don’t panic! As with every trade, the one fixed factor in insurance coverage is change. That is nothing that your native impartial insurance coverage agent can’t deal with!
What’s Going On With Progressive?
With a income of almost $50 billion, Progressive Insurance coverage Group is among the largest property insurers within the nation. So why are they dropping so many Florida insurance policies?
It’s all in an effort to “rebalance” their property ebook.
Based on the corporate, Florida properties account for 17% of Progressive’s portfolio, however solely 6.5% of all properties within the U.S. By shifting their property ebook, Progressive House is working to strengthen their presence within the state to allow them to maintain providing nice protection.
Progressive stated they’re “dedicated to the Florida property market” and that these adjustments will “assist insure our long-term future on this state.”
Progressive will start sending out non-renewal notices on the finish of this 12 months, giving owners loads of time to search out alternative protection.
Don’t fear; not everybody will likely be affected.
The most important change is that Progressive will now not offer dwelling/hearth, or DP3 insurance policies. Dwelling/hearth insurance coverage is similar to owners insurance coverage, however primarily used for properties that aren’t owner-occupied.
Florida residents with a dwelling hearth insurance coverage coverage by means of Progressive Residence ought to anticipate to obtain a non-renewal discover by early 2024. These are sometimes individuals who personal a house that they don’t dwell in.
- “Snowbirds” with a secondary residence in Florida
- Landlords who hire property to tenants
- Anybody with a vacant house
Progressive additionally stated that sure “high-risk properties” could be affected.
Will This Have an effect on My Insurance coverage Rating?
In case your insurance coverage coverage is canceled, it’s sometimes due to one thing you probably did (or didn’t) do, corresponding to not paying your premiums or committing fraud in your insurance coverage utility.
When an insurance coverage firm decides to not renew sure insurance policies, it’s normally as a result of circumstances out of anybody’s management, corresponding to a tough insurance coverage market or a rash of dangerous climate.
With a non-renewal, you’ll nonetheless obtain protection till your coverage’s expiration date, whereas a cancellation will finish your protection earlier than this time.
Whereas a cancellation will deliver down your insurance coverage rating, non-renewals won’t—so long as you get alternative protection instantly.
The Good Information
Discovering alternative protection when your insurance coverage firm decides to not renew is usually fairly easy. On this case, nevertheless, it’s even simpler: Loggerhead Insurance coverage has agreed to supply alternative protection to all affected policyholders.
Headquartered in Tampa, Loggerhead is conversant in Florida’s insurance coverage market and has a Monetary Stability Score of ‘A’ – Distinctive from Demotech.
Loggerhead Insurance coverage will begin sending protection gives beginning early subsequent 12 months, however you even have the choice to search out your individual alternative protection by means of an impartial insurance coverage agent, if you want.
As a result of they don’t seem to be tied to a selected provider, impartial brokers can give you a number of quotes from a wide range of insurance policies and carriers that suit your wants, saving you time.
Discovering out that you may be dropping your insurance coverage coverage might be startling, however at Harry Levine Insurance coverage, we’re able to make the transition as simple as potential.
Our pleasant brokers take the time to debate your wants, price range, and risk-tolerance so we are able to discover the coverage that’s simply best for you, whether or not it’s Loggerhead Insurance coverage or one other provider completely.
Moreover, we all know Florida as a result of we’ve been serving to owners receive nice protection for greater than 40 years.
Name immediately or go to our web site for a free quote.