Progressive insurance location in Queens, New York. (Photo: Diego M. Radzinschi/ALM)

Progressive Home has announced it will discontinue its dwelling fire (DP-3) line of business.

DP-3 policies protect properties that are not an owner’s primary residence, like short-term rentals, vacation homes and seasonal properties. Progressive will begin sending nonrenewal notices to current policyholders as soon as November 19.

As of September 30, Progressive reports DP-3 policies made up 3.6% of the company’s property policies. This decision, the insurer noted in a release, is part of a series of actions it has already begun taking in some states, with plans to implement them across all states in accordance with state regulatory requirements.

Moving forward, Progressive Home will focus on insuring owner-occupied homes and bundled business policies, increasing minimum wind and hail deductibles, mandating the roofing materials payment schedule endorsement and ensuring its agents are aligned on underwriting quality expectations.

In a release, the company stated: “The move is a continuation of various actions Progressive Home has already taken in several states as part of the company’s ongoing, strategic efforts to ensure the long-term stability of its property business for the benefit of both customers and independent agents. Progressive Home remains committed to the Homeowners insurance market and will continue to offer Homeowners, Renters, Condo, Flood and Umbrella policies.”

Related:

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.