More bad news for Florida homeowners’ insurance market. Another company to stop renewing

Get ready for more insurance madness. Progressive is ‘rebalancing’ in Florida by non-renewing about 100,000 home policies.

Progressive made the announcement Friday in a ‘Florida property update’ to its agents. Progressive’s ‘rebalancing actions’ include no longer providing dwelling/fire or DP3 coverage and nonrenewing certain ‘high-risk’ property policies in Florida. The Insurance Information Institute told WINK News Consumer Reporter Andryanna Sheppard Progressive is nonrenewing about 47,000 DP3 policies and about 53,000 ‘high-risk’ property policies. In addition, the insurer wrote select insurance agents will no longer represent Progressive Home and will begin notifying affected agents as soon as possible.

Progressive noted Loggerhead Insurance headquartered in Tampa has agreed to offer replacement coverage to those affected Progressive policyholders. The insurer added it will begin sending its first nonrenewal notices for DP3 polices and “other direct and agency property policies in late December.” Affected policyholders will have until May 2024, just before the start of the 2024 Hurricane Season, to find replacement coverage.