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<\/figure>\n<\/div>\n\n\nProgressive is declining to renew approximately 100,000 policies, according to Inside P&C<\/a>, an industry publication for property and casualty insurance.<\/p>\n\n\n\n The publication reports that Progressive is rebalancing its homeowner\u2019s book and will not renew 47,000 DP-3 policies and 53,000 high-risk homeowners\u2019 policies in Florida.<\/p>\n\n\n\n DP-3 policies are typically written for vacation homes, or any property that is not the insured\u2019s primary residence.<\/p>\n\n\n\n High-risk policies are as the name suggests, policies that are at higher risk of claims, including homes that are in flood-prone areas or areas at high-risk of being affected by a hurricane or other natural disaster.<\/p>\n\n\n\n Instead, the company is announcing a two-year proposal to transition the policies to Loggerhead Insurance through a competitive renewal offer, according to Florida\u2019s Voice.<\/p>\n\n\n\n The company told that publication they have no plans to withdraw from Florida and praised new laws aimed at providing some relief to Florida\u2019s strained property insurance market.<\/p>\n\n\n\n Florida Voice said the deal will affect 113,000 policyholders.<\/p>\n\n\n\n The news comes as Floridians grapple with one of the worst property insurance crises in the country. Farmers announced in July it was pulling out of Florida<\/a>, becoming the fourth major carrier to do so. And right after, AAA announced<\/a> it was not renewing certain policies, though that effect was minimal overall.<\/p>\n\n\n\n The Farmer\u2019s pullout left an estimated 100,000 policyholders scrambling to find new coverage.<\/p>\n\n\n\n The crisis has left many property owners turning to Citizens Property Insurance Corp., the state-backed insurer of last resort. But as companies pull out of the state and others remain hesitant to write some policies, it has become overburdened.<\/p>\n\n\n\n