Last year, Progressive announced that it would not renew certain homeowners’ insurance policies in Florida to “rebalance our exposure,” starting in May this year. Those non-renewal notices have already started arriving.
“Dear Policyholder, your policy will expire at 12:01 on July 1, 2024, for the following reasons. After careful consideration we are unable to offer you a renewal policy due to a reduction in our hurricane exposure. Please contact your agent to find replacement coverage,” the letters read.
“I was shocked, I was stunned,” Ira Kasdan told ABC Action News. “There may be a time where as much as we love Florida we may not be able to stay here.”
Way to go Gov Dipstick
Yet another Florida insurance company is asking the state to hike their rates.
According to the Office of Insurance Regulation, Cypress Property & Casualty Insurance Company of Jacksonville will have a public hearing on April 3rd at 2:30 p.m.
The company is asking for an increase of 18.7% statewide in its Homeowners Multi-Peril for Condo Owners (HO-6) policies.
According to a newsletter released by former Deputy Insurance Commissioner Lisa Miller, "the use-and-file submission request will be for new and renewal business effective September 9, 2023." It will affect about 7,300 existing policies.
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Women will crush YOU
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