Progressive dropping coverage for 56,000 Florida homes

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.

Progressive’s policy cutting comes after the company posted a 44% year-over-year net income

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