Progressive is an insurance giant who has been around for nearly a century. The company offers almost every insurance product imaginable, and boasts over 20 million policies in force.
Renters insurance from Progressive includes the same coverages as most other providers—personal property, loss of use, personal liability, and medical payments. But the company especially shines when it comes to discounts.
Progressive offers numerous discounts on its renters insurance. The discounts are fairly easy to qualify for and will apply to the majority of renters looking for coverage. People who already use Progressive for auto insurance will be able to lock in a lower rate for their renters policy.
The renters insurance from Progressive also features a few optional coverages to help renters with particular needs or concerns. And Progressive’s robust online resources will make a newer generation of renters feel at home.
|Easy to file claimsMobile app & online quotingAllows bundling with auto insurancePaperless billing||Coverages & discounts unavailable in some statesMore complaints than average for the industry|
The Renters Insurance Factors We Analyzed
Unfortunately, there is limited information from industry organizations about Progressive’s customer satisfaction. J.D. Power did not include Progressive in their 2019 Renters Insurance Study or their 2019 U.S. Property Claims Satisfaction Study.
The National Association of Insurance Commissioners notes that the provider receives a higher-than-average number of customer complaints. But the substantial resources provided on Progressive’s company website does make it easier to get a quote and sign up for coverage, which is definitely a plus from the customer standpoint.
Progressive Insurance’s financial strength is trustworthy according to Moody’s, AM Best, and Standard & Poor—all three organizations gave Progressive adequate or positive ratings for the company’s ability to pay out claims.
An insurance company’s financial strength is important for policyholders, because people with policies from a company shouldn’t have to worry if the company has enough money to cover a claim after an incident.
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.
Deals, discounts, and add-ons
Progressive’s discounts for renters insurance are valuable and easy to recieve. 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.
Progressive Renters Insurance Overview: Financial Strength, Availability, and History
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 though, the company seems to be in good standings and holds an A+ rating from the Better Business Bureau.
With adequate or positive ratings from three major industry organizations, Progressive’s financial strength is held in fairly high regard. This is a good indicator that Progressive will have the financial ability to pay out any claim under the policy.
- In business since: 1937
- S&P Financial Strength Rating: AA
- Moody’s Financial Strength Rating: Aa2
- AM Best Financial Strength Rating: A+
- States served (availability): Not all coverages available in all 50 states.
|AM Best Financial Strength Rating||J.D. Power 2019 U.S. Renters Insurance Study Score||NAIC Customer Complaints|
|Progressive||A+||NR||More complaints than average|
|USAA||A++||5/5||Fewer complaints than average|
|State Farm||A++||5/5||Fewer complaints than average|
|American Family||A||5/5||Fewer complaints than average|
|Allstate||A+||2/5||Fewer complaints than average|
|Nationwide||A+||2/5||Fewer complaints than average|
|Farmers||A||2/5||Fewer complaints than average|
*All information accurate as of 4/11/2020.
How We Evaluated Progressive Renters Insurance
We used the methodology that we developed for our Best Renters Insurance Companies review to compare providers. Factors evaluated include the providers financial strength as indicated by organizations such as AM Best and Standard & Poors, customer service ratings and support, as well as average premiums.
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
The cost of Progressive renters insurance varies by location, but the provider website advertises an average premium cost of less than a dollar a day. The best way to find a personalized rate is by filling out a quote, by either using the website or calling in to speak with an agent.
Progressive’s standard renters insurance policy offers four coverages: personal property, loss of use, personal liability, and medical payments. Aside from the included coverages, the company offers two optional coverages at additional cost: water back-up and personal injury.
Progressive’s website does not contain any information on canceling a renters insurance policy. Although most renters insurance policies can be terminated with minimal or no fees, before signing up for a Progressive policy, always be sure to ask about the cancellation terms.
Progressive’s online resources include a helpful online quoting tool. Although using the tool may be faster up front, it may be in your best interest to discuss coverage options and discounts with an agent directly. With either process, the exact times will vary depending on how much policy customization is desired.
A renters insurance quote from Progressive, whether over the phone or obtained online, is free of charge.