> Expert: Florida's property insurance market is improving; don't panic if you get dropped
Expert: Florida's property insurance market is improving; don't panic if you get dropped
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Rising premiums, dropped from coverage — the property insurance crisis continues impacting people across the state, but experts see a silver lining in where things are heading.
First, there are people right now still feeling the impact, as part of an earlier announced “rebalancing,” some Florida homeowners with Progressive Insurance are starting to get notified that their coverage will not be renewed in the coming months.
We first told you about Progressive’s decision to drop roughly 100,000 policies in the state a few months ago. Now, homeowners in the Tampa Bay area are getting non-renewal notices in the mail. Deborah who lives in Riverview told 10 Tampa Bay that she’ll be dropped in May.
So what should you do if you get dropped? We talked with Mark Friedlander with the Insurance Information Institute who says aside from calling your insurance agent, “don’t panic," and consider shopping around.
“Market conditions are improving, there are seven new home insurers that have been approved to write policies in Florida,” Friedlander said. “This will give consumers an opportunity to shop their coverage and get competitive quotes, something we haven't seen in Florida in many, many years.”
MORE: https://www.wtsp.com/article/news/local/hillsboroughcounty/property-insurance-florida/67-369fe3b4-fc96-424f-88fb-0cf9248c7b06
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