Video: Progressive Insurance Discontinues Homeowners Coverage
STARKVILLE, Miss. (WCBI) – In a time of destruction many folks turn to their insurance to get them back to where they were after a loss occurs. But for Mississippians one major insurance company will not be offering home owners insurance any more, at least for now.
Progressive Insurance up until last year was offering homeowners insurance through a brokerage company. For what ever reason that company chose to cut its losses with homeowners and go another direction, leaving Progressive high and dry and now looking for another carrier to sell its product.
The recent weather patterns across the country have been some of the worst we’ve seen in a decade. Claiming life and property along the coasts and waterways. For Mississippi a string of yearly tornados have done their fair share of destruction. But in a time of need its your insurance you turn to for help.
Robyn Havard with Insurance Associates says, “Progressive as a company was writing homeowners in corporation with another insurance company that actually wrote homeowners in Mississippi. That company made a decision to no longer provide homeowners insurance in Mississippi.”
When Home Site Insurance pulled out of the market for homeowners insurance it left Progressive without a company to write that product through, leaving some looking for coverage. It’s unclear as to why the company pulled out but loss ratios may have been a factor.
Havard says, “Our business is to be here to put you back to where you were prior to a loss. The whole principle behind insurance is basicly to share a risk.”
And that’s exactly how insurance works. You pay premiums so that in the event something happens to you there is money there to help. Just like hurricane Katrina and Hurricane Sandy some rates here at home have increased, although very small compared to Louisiana, New York and New Jersey. Weather patterns affect insurance rates all across the country. In fact the folks on the coast are offered flood insurance but at enormous cost. But despite the recent destruction in Mississippi rates remain steady.
According to Havard, “As premiums increase companies become more competitive. And I think customers or clients forget that their homeowners insurance still is something they should review.”
Robyn with Insurance Associates says, homeowner policy holders should look at deductables and coverages on an annual basis.
Havard sasy, “I just encourage you to shop not only price but your coverages as well. A review of your policy whether you actually move it or not is not a bad thing.”
As to how long Progressive will be out of the homeowners insurance game that is still unknown, but they are looking for a carrier.