Progressive is one of the largest companies in the insurance industry, with dozens of types of coverages available. Progressive renters insurance is competitively priced, and its standard coverage comes with everything you’d expect from your renters insurance company. Though Progressive has mixed reviews in terms of customer service, it has an overall positive reputation.
Progressive’s reach extends to nearly every facet of the insurance industry. Due to the various companies and products under the Progressive umbrella, there are many reviews for happy and unhappy Progressive customers. Overall, the company seems to be in good standings and holds an A+ rating from the Better Business Bureau.
Progressive’s financial strength is held in fairly high regard with good or positive ratings from major industry organizations. This is a good indicator that Progressive will have the financial ability to pay out any claim under the policy.
- Prices are below the industry average
- The app has lots of features, making it easy to file a claim, pay your bill, etc.
- Discounts are available when you bundle with another Progressive insurance product
- Coverages and discounts are unavailable in some states
- More complaints than average for the industry
- Ranks in the bottom half of companies for overall customer satisfaction
According to Progressive’s website, its renters insurance policies range from $13 to $25 per month, depending on your coverages and other factors. The company’s starting price is below the industry average of $17 per month. Prices can vary widely based on a few factors. The more coverage you purchase, the more you can expect to pay per month. Factors such as valuables in the home, a low deductible and a high crime rate in your neighborhood can increase your rates.
The coverages included in Progressive’s standard renters insurance policy are typical for the industry. The four coverages in the standard policy are personal property, loss of use, personal liability, and medical payments.
Progressive offers two optional coverages for renters at additional cost. The optional coverages are water back-up and personal injury. Water back-up covers water damage from backed-up sump pumps and sewers, and personal injury covers legal fees and additional damages from slander or libel lawsuits.
Progressive does not beat out its competitors regarding customer satisfaction, at least not for its renters insurance. In J.D. Power’s 2020 renters insurance study, it rated Progressive in the bottom half of companies, below the industry average.
The company also has more complaints than other companies. The National Association of Insurance Commissioners notes that the company receives a higher-than-average number of customer complaints. But the substantial resources provided on Progressive’s company website make it easier to get a quote and sign up for coverage, which is a plus from the customer standpoint.
Progressive’s discounts for renters insurance are valuable and easy to receive. For example, Progressive provides discounts for renters who also have Progressive auto insurance and for people who opt-in for paperless billing.
Discounts are also available for people who get a quote at least three days before the policy begins and for renters who decide to pay the full price of the policy upfront.
One of the most valuable perks Progressive offers its multi-policyholders is a single deductible for both policies. So if someone has to file a claim for their car and their apartment, Progressive will reimburse one of the deductibles.
For Progressive’s renters insurance review we evaluated the company based on its customer rating and experience, financial stability, and coverage. To compare renters insurance companies across the board, we calculated a Reviews.com score based on the following:
- Customer Ratings– Customer ratings are an indication of satisfaction with the process of filing a claim. We measured this using J.D. Power Homeowners Satisfaction ratings.
- Coverage– As there isn’t one company to fit everyone’s needs, we evaluated companies by the amount of coverage options available and add-ons available.
- Confidence– It is extremely important for insurance companies to fulfill customers’ claims. Companies with sound financial strength will not have issues paying out claims, regardless of the amount. However, companies with weak financial strength might not be able to pay out claims. We measured this using AM Best.
- Customer Experience– The amount of complaints a company receives is an indicator of the overall customer experience as it expresses dissatisfaction. We have based this measure on the NAIC National Complaint Index.
|Company||Reviews.com Score||AM Best Financial Strength Rating||J.D. Power 2019 Score(On a 1,000-point scale)||NAIC Customer Complaints|
|Progressive Renters Insurance||3.75/5||A+||835/1000||More complaints than average|
|Geico||2.75/5||A++||Not Rated||Fewer complaints than average|
|Allstate||3.5/5||A+||841/1000||More complaints than average|
|USAA||3.75/5||A++||888/1000||Fewer complaints than average|
|State Farm||3.25/5||A++||836/1000||Fewer complaints than average|
|American Family||3.75/5||A||840/1000||Fewer complaints than average|
|Nationwide||3.75/5||A+||831/1000||Fewer complaints than average|
|Farmers||3.5/5||A||839/1000||Fewer complaints than average|
*All information accurate as of October 14, 2020.
Progressive vs. Geico
Since Geico wasn’t included in the J.D. Power renters insurance study in 2020, we can’t compare the two companies in overall customer satisfaction. However, if customer complaints are any measuring stick, then Geico provides better customer service. It has fewer than average complaints with the National Association of Insurance Commissioners, while Progressive has more than average. The two are also closely matched in terms of price. Both fall below the industry average, with Progressive’s policies starting at $13 per month and Geico’s starting at $12 per month.
Progressive vs. Allstate
Progressive and Allstate are two of the nation’s largest insurance companies, and they each have something to offer. In terms of price, Progressive offers a better starting rate for its customers. Progressive’s plans cost around $13 per month, while Allstate’s are about $15 per month.
But when it comes to customer service, Allstate wins just slightly. Both have more than average customer complaints. But in the J.D. Power 2020 home insurance study, Allstate ranked third overall for renters insurance. Progressive fell in the bottom half of the list.
The Bottom Line
Progressive is a large insurance provider who offers renters policies that include coverages typical for the industry. The company is widely known in the U.S. and maintains solid financial strength ratings from professional organizations.
The real reason Progressive is a stand-out is for its policy discounts. Because of multi-policy discounts, Progressive’s renters insurance works best for people who already use the company for their auto insurance.
Progressive Renters Insurance FAQ
Progressive has a huge list of insurance coverage options. It’s other property insurance options include coverage for your home or condo, homeshare, home warranty, home security and mobile home. The company also offers insurance policies for all types of vehicles and personal insurance, such as dental, health, and life.
Plan to purchase enough renters insurance to replace all of your belongings in case of a total loss. The company also has add-on coverages you can choose from, depending on your possessions on potential risks you face.
Progressive offers its insurance products in all 50 states, though some types of coverage may not be available everywhere.
Progressive’s renters insurance policies are underwritten by one of the company’s affiliates. The most common underwriter for its renters insurance policies is American Strategic Insurance Corp.
Progressive’s standard renters insurance policies covers:
- Personal property: It’ll cover your belongings if they’re damaged or stolen. It doesn’t cover all valuables, such as jewelry and art.
- Loss of use: If you temporarily can’t stay in your home due to a covered loss, this coverage pays for your hotel and food expenses elsewhere.
- Personal liability: If you’re sued, this protection will cover you up to your coverage limits.
- Medical payments: If someone else is hurt at your home, Progressive will cover their medical expenses.