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Progressive to drop dwelling fire coverage

Progressive Home will begin sending non-renewal notices to customers November 19.

By PC360 Staff Writer | November 14, 2024 at 11:39 AM
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.”

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