Property owners in Florida who have Progressive insurance may have to find a new policy soon.
The company announced Friday they are undergoing “changes to help rebalance” their business in Florida starting next year.
“These rebalancing actions include only insuring owner-occupied properties (i.e., no longer providing dwelling/fire or DP3 coverage) and nonrenewing certain high-risk property policies,” according to a statement from the company.
This will affect about 100,000 policies in Florida.
However, Progressive said Tampa-based Loggerhead Insurance has agreed to offer replacement coverage to affected customers.
The company also said that select agents will no longer represent Progressive Home.
“Florida is a priority for Progressive Home and we are not leaving the property market,” Progressive said in a statement. “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.”
Progressive said they were “grateful” for the work of Florida lawmakers who recently enacted legislative reforms in an effort to stabilize the insurance market.