About to lose home insurance? Don’t panic!

Here’s why Progressive isn’t renewing certain policies (and what you can do about it).

 

Florida’s insurance market has gone through a lot of changes over the past few years—from new laws to entire insurance companies pulling out of the state.

Unfortunately, many Floridians have found themselves caught up in the turmoil.

Recently, we received notice that Progressive Home will be sending non-renewal notices to roughly 115,000 Florida homeowners. So what does this mean for you?

First, don’t panic! As with any industry, the only constant thing in insurance is change. This is nothing that your local independent insurance agent can’t handle!

 

What’s Going On With Progressive?

With a revenue of nearly $50 billion, Progressive Insurance Group is one of the largest property insurers in the country. So why are they dropping so many Florida policies?

It’s all in an effort to “rebalance” their property book.

According to the company, Florida homes account for 17% of Progressive’s portfolio, but only 6.5% of all homes in the U.S. By shifting their property book, Progressive Home is working to strengthen their presence in the state so they can keep offering great coverage.

Progressive said they are “committed to the Florida property market” and that these changes will “help insure our long-term future in this state.”

colorful florida homes

Progressive Non-Renewals

Progressive will begin sending out non-renewal notices at the end of this year, giving homeowners plenty of time to find replacement coverage.

Don’t worry; not everyone will be affected.

The major change is that Progressive will no longer be offering dwelling/fire, or DP3 policies. Dwelling/fire insurance is very similar to homeowners insurance, but primarily used for homes that are not owner-occupied.

Florida residents with a dwelling fire insurance policy through Progressive Home should expect to receive a non-renewal notice by early 2024. These are typically people who own a home that they do not live in.

  • “Snowbirds” with a secondary residence in Florida
  • Landlords who rent property to tenants
  • Anyone with a vacant home

Progressive also said that certain “high-risk properties” would be affected.

Shot of a worried young man working on his computer. His girlfriend consoling him.

Will This Affect My Insurance Score?

Don’t worry! Getting a non-renewal notice is not the same thing as having your insurance canceled.

If your insurance policy is canceled, it’s typically because of something you did (or didn’t) do, such as not paying your premiums or committing fraud on your insurance application.

When an insurance company decides not to renew certain policies, it’s usually due to circumstances out of anyone’s control, such as a hard insurance market or a rash of bad weather.

With a non-renewal, you will still receive coverage until your policy’s expiration date, while a cancellation will end your coverage before this time.

While a cancellation will bring down your insurance score, non-renewals will not—as long as you get replacement coverage right away.

house made out of cardboard

The Good News

Finding replacement coverage when your insurance company decides not to renew is typically quite simple. In this case, however, it’s even easier: Loggerhead Insurance has agreed to provide replacement coverage to all affected policyholders.

Headquartered in Tampa, Loggerhead is familiar with Florida’s insurance market and has a Financial Stability Rating of ‘A’ – Exceptional from Demotech.

Loggerhead Insurance will start sending coverage offers starting early next year, but you also have the option to find your own replacement coverage through an independent insurance agent, if you wish.

Because they are not tied to a specific carrier, independent agents can provide you with multiple quotes from a variety of policies and carriers that fit your needs, saving you time.

 

Conclusion

Finding out that you will be losing your insurance policy can be startling, but at Harry Levine Insurance, we’re ready to make the transition as easy as possible.

Our friendly agents take the time to discuss your needs, budget, and risk-tolerance so we can find the policy that’s just right for you, whether it’s Loggerhead Insurance or another carrier entirely.

Furthermore, we know Florida because we’ve been helping homeowners obtain great coverage for more than 40 years.

Call today or visit our website for a free quote.

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