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HNW Insurance Market Notes - November 2024

FLO NO MO


Progressive said it will stop offering dwelling fire insurance, with nonrenewal notices going out as early as Nov. 19. The Mayfield, Ohio-based insurer late last week said the decision to discontinue writing the coverage, often dubbed “landlord insurance,” for non-primary residences and rental properties was done to focus on owner-occupied homes and bundling home and auto insurance. 

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BRIGHT OUTLOOK FOR THE SUNSHINE STATE

The Florida homeowners insurance market has shown signs of recovery since major legislative reforms were introduced two years ago, according to industry executives. Privilege Underwriters Reciprocal Exchange President Dave Logan noted that while challenges persist, conditions are improving


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GONE TO CAROLINA "IN MY MIND"


Starting in 2025, North Carolina will have the strictest minimum liability coverage requirements in the country. The law change will allow victims of crashes to collect much more money from at-fault parties.


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