Progressive Home® to Discontinue Dwelling Fire (DP 3) Line of Business for Non Primary Residences and Rental Property Owners

U.S. Markets via PUBT

MAYFIELD VILLAGE, Ohio, Nov. 7, 2024 - Progressive Home today announced its decision to discontinue offering the Dwelling Fire line (DP-3) of business. 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. The decision to discontinue DP-3 business is expected to create additional capacity for owner-occupied home policies in many states. Progressive Home will stop selling new business DP-3 policies and begin sending nonrenewal notices to affected policyholders in certain states as early as November 19, 2024, in accordance with state regulatory requirements.

A DP-3 policy protects properties that are not the owner's primary residence such as vacation homes, seasonal properties or investment homes used as short-term rentals. DP-3 policies represented 3.6% of all Progressive property policies as of September 30, 2024.

Progressive Home's decision to discontinue offering DP-3 is part of a series of initiatives it has already begun in some states and plans to implement across all states, in accordance with state regulatory requirements. These actions include a focus on insuring owner-occupied homes and bundled business, increasing the minimum required Wind/Hail deductibles, mandating the Roofing Materials Payment Schedule endorsement, and ensuring agent alignment on underwriting quality expectations. Progressive Home remains committed to the property market and these actions will help better position the company to build a stronger and more competitive property business for consumers and independent agents moving forward.

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About Progressive

Progressive Insurance^® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it's most convenient for them - online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers.

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price^®, Snapshot^®, and HomeQuote Explorer^®.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.

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Progressive Corporation published this content on November 06, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 07, 2024 at 17:35:57.880.