Looks like the Invisible Hand Of the Free Market is flipping the bird to Florida homeowners…

Progressive dropping 100,000 home insurance policies in Florida

clickorlando.com

In the middle of what’s being called a “property insurance crisis” in Florida, several local homeowners said their policies are being dropped by Progressive, one of the biggest property insurance companies in the country.

Progressive Insurance is sending out more than 100,000 non-renewal notices to homeowners saying they are “rebalancing their exposure” in the Sunshine State, according to News 6 sister station News4Jax.

The Progressive property insurance shakeup primarily impacts what’s called DP3 Home insurance policies, which according to insurance experts, are homes that have older roofs or specific policies covering investment properties.

A total of 53,000 homes affected are in high-risk areas, and the remaining 47,000 are seasonal homes.

Insiders wrote News4JAX about what they are experiencing in the non-renewal process.

“After raising my rates dramatically last year, they now have dropped me. I have been moved to a new company, but I have not yet received my new quote,” Gary wrote.
Matt Carlucci Jr., owner of Brightway Insurance, said Progressive customers should be on the lookout for potential non-renewal notices.

“So if you are a Progressive customer for homeowners’ insurance, you know, you need to keep an eye on your mailbox. And if you happen to have signed up for paperless, you may not get a notice in the mail, it may come to your email. So watch your email in your mailbox like a hawk,” Carlucci said.

Carlucci, who has more than a dozen years in the insurance industry, said it’s critical that homeowners respond promptly to Progressive so they can reap the potential benefits of the non-renewals.

Just wait folks! More to come…