Progressive Dropping Coverage For 56,000 Florida Homes

Progressive Insurance has announced that it is dropping some 56,000 homeowners’ insurance policies in Florida, in response to the surge in litigated claims and costs in the state.

Specifically, the insurer is not renewing coverage for homes with roofs older than 15 years.

The decision comes after Progressive changed its guidelines last year from requiring composition shingle roofs to be 15 years or newer for coverage, to requiring all roofs to be 15 years or newer.

A spokesperson for the insurer told Tampa Bay Times that it chose not to renew the 56,000 policies because they ‘do not comply with our underwriting guidelines, and losses that are having a disproportionate impact on our loss ratios.’

‘While we know this is not welcome news for those that are affected, we are committed to doing business in the state and are taking this unavoidable action now to ensure we can continue to offer home policies in Florida,’ continued Progressive Insurance public relations representative Jeff Sibel.