PGR · 10-Q · 2026Q3 · Full report

Personal Property Market Reshaping

PROGRESSIVE CORP/OH/ · 2026-11-02 · Importance 36 · Surprise 40

Progressive continued reducing exposure in volatile weather-related markets, including coastal, wildfire- and hail-prone areas, while increasing homeowners product availability in markets where it believes profitability targets can be achieved. Homeowners policies in force decreased 2% in growth-oriented markets and 16% in volatile weather markets year over year at the end of the third quarter. Total personal property written premium per policy declined, partly because of a shift toward lower-premium renters policies and fewer homeowners policies in volatile-weather markets and non-owner-occupied properties; new-business written premium per policy increased following actions to generate homeowners business. Personal property policy life expectancy fell 7% over the trailing 12 months, and the company cited previous rate increases, competition, and a greater mix of renters policies as contributing factors.

Key facts

• Beginning in late 2025, Progressive took actions in certain markets to generate personal-property new-business growth, including expanding independent-agency relationships, reopening new business in certain agency and direct markets, and lifting targeted underwriting restrictions on older roofs, medium- to high-value homes, and non-bundled homeowners products. source
• Progressive began increasing homeowners product availability in markets where it believes it can achieve profitability targets in the second half of 2025. source
• At the end of third quarter 2026, Progressive homeowners policies in force decreased 2% in growth-oriented markets and 16% in volatile weather markets year over year. source
• Some personal-property underwriting restrictions remain in markets where Progressive is focused on improving profitability and reducing exposure in more volatile weather-related markets. source