Progressive to Stop Offering Dwelling Fire Insurance

Progressive has announced that it will cease offering dwelling fire insurance. Nonrenewal notices could start as early as November 19. This decision impacts non – primary residences and rental properties, often associated with what’s known as “landlord insurance.”

The Mayfield, Ohio – based insurer made this move to concentrate on owner – occupied homes and bundling home and auto insurance. By discontinuing this line of business, Progressive aims to create more capacity for these strategic initiatives. The company has affirmed its commitment to the homeowners insurance market and will continue to provide homeowners, renters, condo, flood, and umbrella policies.

As of September 30, dwelling fire policies accounted for 3.6% of Progressive’s property policies. Before the decision to exit the DP – 3 market was announced, CEO Tricia Griffith noted during an earnings call that the company had already been leaving the dwelling fire marketplace in numerous states, having received regulatory approval in 22 states.