Jane Dotson
Progressive Insurance is one of the biggest property insurance companies in the United States, and it offers homeowners insurance in most states. However, in April 2024, Progressive began sending out non-renewal notices to more than 100,000 homeowners in Florida, citing the need to rebalance their exposure in the state. This move primarily affects DP3 Home insurance policies, which typically cover homes with older roofs or investment properties.
| Characteristics | Values |
|---|---|
| Average monthly price | $206.13 |
| Average annual price | $2,473.54 |
| Year of pricing | 2024 |
| Discounts | Quoting in advance, bundling with an existing auto policy, installing a home security system, having a burglar alarm, automatic fire protective sprinklers, or a centrally monitored security system |
| Non-renewal | Progressive has dropped 100,000 home insurance policies in Florida, citing "rebalancing their exposure" as the reason |
| Replacement policies | Loggerhead Reciprocal Interinsurance Exchange |
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What You'll Learn
- Progressive drops 100,000 home insurance policies in Florida
- Average monthly cost of Progressive's Florida homeowners insurance
- Florida's Wind Mitigation criteria and how it affects Progressive's insurance
- How to get a Progressive homeowners insurance quote?
- What Progressive's Florida homeowners insurance covers?
Progressive drops 100,000 home insurance policies in Florida
Progressive is dropping 100,000 home insurance policies in Florida, according to a statement released in September 2023. The company will no longer provide dwelling and fire coverage policies, known as DP-3 policies, in the state. This decision primarily impacts homes with older roofs or specific policies covering investment properties.
The move by Progressive is part of a rebalancing of their exposure in Florida, which has been experiencing a property insurance crisis. The company will also discontinue its relationship with select agents in the state. Progressive emphasized that it is not leaving the Florida market entirely but is taking steps to ensure its long-term future in the state.
The non-renewal notices will be sent to policyholders with landlord or homeowners insurance, and the company will no longer insure non-owner-occupied properties. Policyholders who receive a non-renewal notice have time until May 2024 to find replacement coverage. Progressive has struck a deal with Loggerhead Reciprocal Interinsurance Exchange to offer replacement policies to affected customers.
The pullback by Progressive could bring opportunities for other insurers in the market. Florida Peninsula, for example, has begun offering a new dwelling-fire coverage for landlords, designed for homes that may not be eligible for standard home insurance policies.
Homeowners in Florida are encouraged to respond promptly to Progressive and contact their insurance agents to determine if they are affected by the non-renewals.
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Average monthly cost of Progressive's Florida homeowners insurance
Progressive offers homeowners insurance in Florida, and in 2024, its policies had an average monthly price of $206.13 or $2,473.54 for an annual policy. However, it's important to remember that the cost of homeowners insurance can vary based on several factors, including your location, the type of home you have, and the coverage limits you choose. For example, if you live in an area prone to severe weather, such as hurricanes or high winds, your rate may be higher. Additionally, the age and construction of your home can also impact your insurance costs, with newer homes often receiving bigger discounts.
Homeowners insurance in Florida is not required by law. However, if you're financing your home through a mortgage lender, they will likely require you to have insurance as part of your loan terms. Even if you own your home outright, it's still a good idea to consider purchasing insurance to protect your assets.
Progressive offers various discounts and ways to save on your homeowners insurance policy. For instance, you can save money by bundling your home and auto insurance policies, installing safety features like burglar alarms and automatic fire sprinklers, or by quoting in advance. Florida residents may also qualify for additional discounts if their homes have been fitted with Florida Building Code-certified roofs and/or wind mitigation updates.
It's important to note that Progressive's average monthly cost of $206.13 may not be the exact amount you pay, as it can vary based on your unique circumstances and the coverage options you select. Be sure to compare rates and coverages to find the best option for your needs.
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Florida's Wind Mitigation criteria and how it affects Progressive's insurance
Progressive offers homeowners insurance in Florida, although it is not mandatory in the state. Progressive's insurance policies cover damage to your home and belongings, as well as safeguarding your assets if you are liable for someone else's injuries or property damage.
Florida experiences high winds and hurricanes, and windstorms are not always covered under standard homeowners insurance policies. However, Florida law requires insurance companies to offer discounts for protecting homes against wind damage, known as wind mitigation credits. These credits are earned based on the precautions taken by the homeowner to safeguard their homes from hurricane-force winds. Progressive offers wind mitigation discounts to qualifying homeowners in Florida. To qualify for these credits, a certified inspector must perform a wind mitigation inspection, which costs about $100 and is valid for five years. The inspection report is used to apply credits to the insurance policy, and these credits continue for the life of that policy.
Progressive's HomeQuote Explorer® tool allows Florida homeowners to compare homeowners insurance rates and coverages from multiple companies. Progressive also offers various discounts on homeowners insurance, including those for quoting in advance, bundling with an existing auto policy, and installing a home security system.
It is important to note that Progressive dropped 100,000 home insurance policies in Florida in 2024, primarily impacting older homes with DP3 Home insurance policies. However, they have entered an agreement with Loggerhead Reciprocal Interinsurance Exchange to offer replacement policies to affected policyholders.
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How to get a Progressive homeowners insurance quote
Progressive offers homeowners insurance in Florida, with policies costing an average of $206.13 per month or $2,473.54 annually in 2024. The cost of a homeowners insurance policy is determined by several factors, including the home's ZIP code, the home's value, and any special endorsements for items such as fine art or jewelry. The weather in your area can also affect your rate. For example, if you live in an area that is prone to hurricanes, your rate will be higher.
To get a Progressive homeowners insurance quote, you can use Progressive's HomeQuote Explorer® tool to instantly compare insurance rates and coverages from multiple companies in Florida. You can also call 1-866-749-7436 to speak to a licensed representative or find a Florida agent to talk to.
If you choose to quote online, you can often see your rates and coverages in minutes. Progressive will ask you a few simple questions to help you find a policy that best protects your home and family. You can also use Progressive's personal property calculator to add up the value of your belongings and determine the right personal property coverage.
Remember that your cost for homeowners insurance in Florida varies based on many factors, including your location, type of home, and coverage limits. There are also lots of Progressive discounts on homeowners insurance potentially available, including discounts for quoting in advance, bundling your new home policy with an existing auto policy, and installing a home security system.
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What Progressive's Florida homeowners insurance covers
Progressive offers homeowners insurance in Florida, which provides coverage for damage to your home and belongings from specific perils, while also safeguarding your assets if you're liable for someone else's injuries or property damage. Here's what Progressive's Florida homeowners insurance typically covers:
Dwelling Coverage
This protects your home's structure, including the roof, walls, and attached structures like a porch. If a windstorm damages your roof, dwelling coverage will pay for repairs or replacements.
Other Structures Coverage
This covers structures that are not permanently attached to your house, such as detached garages, gazebos, patios, sheds, pergolas, fences, and driveways. If a fire burns down your detached garage, other structures coverage will pay to rebuild it.
Personal Property Coverage
This helps pay for repairing or replacing your furniture, clothes, electronics, tools, and other belongings if they are destroyed in a covered loss, up to your policy's limit. For instance, if someone breaks into your home and steals your possessions, personal property coverage will pay to replace them, minus your deductible.
Personal Liability Coverage
This safeguards your assets if you or your family members are found liable for someone else's injuries or property damage. For example, if a delivery person falls on your steps and breaks their arm, Progressive's insurance may cover their medical bills and lost wages.
Medical Payments Coverage
This covers medical bills for guests who are injured on your property. For instance, if a guest slips on your kitchen floor and breaks their wrist, medical payments coverage will take care of their medical expenses.
Temporary Living Expenses
Progressive's Florida homeowners insurance also includes coverage for temporary living expenses if you need to relocate temporarily while your home is being repaired or rebuilt due to a covered loss.
It's important to note that Progressive's Florida homeowners insurance does not typically cover windstorms or flooding. If you're concerned about these perils, you may need to purchase additional coverage or a separate policy. Additionally, factors such as your location, type of home, and coverage limits will impact your cost for homeowners insurance in Florida.
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Frequently asked questions
Yes, Progressive offers homeowners insurance in Florida. However, in 2024, Progressive began dropping 100,000 home insurance policies in Florida, citing a "rebalancing of exposure" as the reason.
Progressive's Florida homeowners insurance covers damage to your home and belongings from various perils, including windstorms, hurricanes, and fires. It also safeguards your assets if you're liable for someone else's injuries or property damage.
Windstorms and flooding are typically not covered under standard homeowners insurance policies in Florida. Additionally, sewage backup or sump pump overflows may not be included and require optional coverage.
The cost of homeowners insurance in Florida varies based on factors such as location, type of home, coverage limits, and protective devices installed. In 2024, Progressive's homeowners policies in Florida averaged $206.13 per month or $2,473.54 annually.
Yes, Progressive offers various discounts and credits for homeowners insurance in Florida. You may qualify for discounts if you have protective devices such as a burglar alarm, fire sprinklers, or a monitored security system. Additionally, you may qualify for credits if your home meets Florida's Wind Mitigation criteria.
