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Progressive will issue $1 billion in rebates to its 2.7 million Florida policyholders.

The average rebate is estimated to be around $300, but the exact amount will vary per customer.

The 2.7 million should be getting some relief soon.

Gov. announced rebates for , going back to Florida policyholders.

“Progressive currently estimates that it will exceed the statutory profit limit that a Florida statute imposes for this specific line of business and is preparing to return excess profit to our Florida personal auto policyholders, consistent with Progressive’s goal to deliver sustainable value to our customers and comply with Florida regulations,” a in a statement to My News 13.

This move comes as Florida residents’ insurance costs for both auto and home have been, a

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