Homeowners in Southwest Florida face insurance coverage loss ahead of hurricane season

Homeowners in Florida: Thousands of homeowners in Southwest Florida are losing their home insurance coverage just weeks before hurricane season begins.

This week saw the beginning of the distribution of ASI-Progressive letters. The business announced last year that it intended to eliminate roughly 100,000 policies.

After receiving one of the letters, Bonita Springs resident John Cunniff said he started looking for new coverage right once.

Cunniff explained, “It just said they were lowering their hurricane exposure.”

According to him, a lot of people are in similar situations and are frequently required to pay more for coverage.

Mortgage Interest Rates Increase By 7.08%, Will It Impact your payment?

Cunniff stated, “I think that is really a big problem for a lot of people.”

Many people are surprised by the letters, even though Progressive declared a year ago that they were reducing their presence in Florida due to the hazards.

As per NBC 2,  Doug Nellans, an agent with The Insurancenter in Fort Myers, the change will affect hundreds of his clients.

Nellans stated, “Thankfully, ASI-Progressive has teamed up with another insurance provider to successfully rescue a number of the policyholders and provide them with an alternative policy before the expiration date.”

While many customers worry about sticker shock when switching to a new provider, Nellans said those being picked up by Loggerhead Insurance shouldn’t be concerned about it right now.

Nellans clarified, “Loggerhead recognizes this and has committed to doing everything within their power to lessen or eliminate that sticker shock, at least during the early phases of this transition.”

Survey Reveals Over 1/3 of Millennials and Gen Z Rely on Parents for Home Down Payments

It may not be so simple for many policyholders to choose another firm, though, as Cunniff claimed he had limited options.

“There was very little coverage,” he claimed.

Many people are rushing to make sure they have a company in place before their policy expires, as there are only 34 days left until hurricane season begins.

In May and June, Progressive is anticipated to send out additional notices of non-renewal.