Progressive to Drop Non-Primary Dwelling Homeowners

Progressive Home is going to discontinue its DP-3 (dwelling fire) line of business. Non-renewals will go out starting this month. If you aren’t sure, the DP-3 lines cover vacation homes, rental properties and what the company calls, seasonal properties. These lines of insurance aren’t a huge part of Progressive’s premium income and only make up 3.6% of property policies.

In the future, Progressive said it is going to focus more on owner-occupied homes and business policies that can be bundled.

In the meantime, Progressive is also going to start increasing deductibles for wind and hail damages. It will also mandate a roofing materials payment schedule endorsement and make sure its agents are in the loop on underwriting quality expectations.

“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,” the company said in a news release. “Progressive Home remains committed to the Homeowners insurance market and will continue to offer Homeowners, Renters, Condo, Flood and Umbrella policies.”

Source link: PropertyCasualty360.com — https://bit.ly/3AXV7Tx

Source link: Insurance Business America — https://bit.ly/3AL8SVN