Progressive Renters Insurance Review
One of the most recognized insurance companies in the United States, Progressive offers renters insurance policies that include standard coverage for personal property and liability, with a couple of options for additional coverage. Since Progressive also offers auto, commercial, and personal insurance policies, it’s easy to bundle multiple policies for both convenience and cost savings. Progressive even offers additional financial products like loans and financing, so you don’t have to juggle multiple providers for these services if you don’t want to.
If you’re interested in a renters insurance policy from Progressive, its online quote calculator allows you to compare different levels of coverage and even see what you’d pay to bundle multiple policies together. However, if you still need help, Progressive offers a team of in-house experts to help explain your insurance options and walk you through the process.
Option to go paperless
The Renters Insurance Factors We Analyzed
Since Progressive is such a widely recognized insurance provider, it’s curious that the 2019 J.D. Power Property Claims Satisfaction Study leaves it out entirely. Progressive gets an average two-star rating on the 2019 J.D. Power Renters Insurance Study. This score remains constant across the board for policy offerings, price, billing process, and interaction. This isn’t necessarily a bad indicator, as nearly two-thirds of the companies reviewed received this score, though Progressive does fall near the bottom of those rankings.
One highlight is that Progressive is considered one of the better providers for online policy bundling, with 83% of customers who purchase insurance through its website opting for a policy bundle. This makes Progressive customers three times more likely to buy an online policy than the industry average and also speaks to the satisfaction of customers who are more than happy to choose Progressive for multiple types of insurance instead of shopping around for additional providers.
Every standard Progressive renters insurance policy comes with personal property coverage, which means most of your possessions are protected from theft or damage. You’ll also get personal liability coverage in case someone sues you for bodily injury or property damage.
In addition to these two types of coverage, you’ll get loss of use coverage, meaning Progressive will cover your accommodation and food expenses should your home become uninhabitable. Finally, the standard policy includes medical payment coverage in case any guests are injured at your home and need medical care.
Progressive doesn’t offer quite as many optional add-ons as some other providers, but there are two you might want to consider. Water backup is a specific type of coverage that pays for damage caused by a backed-up sump pump or sewer. Personal injury coverage is another extension that pays for damages and fees associated with slander and libel lawsuits.
Deals, discounts, and add-ons
Deals and discounts are where Progressive performs better in the renters insurance industry. The multiple policy discount allows you to save 5% on your auto insurance policy when you combine the two. If you get a quote at least three days before you want your renters insurance policy to begin, you’ll save even more. Additional discounts include going paperless and paying the full amount of your policy premium upfront instead of monthly installments. Finally, if you bundle multiple policies through Progressive and need to make claims against more than one due to the same event, you’ll only have to pay one deductible.
Progressive Renters Insurance Overview: Financial Strength, Availability, and History
Progressive is a well-recognized name; according to YouGov, 94% of consumers are familiar with the name, and four out of five have a positive or neutral opinion associated with it. Progressive is most popular with younger generations, namely millennials and Gen X.
Interestingly, Progressive received a B- rating from the Better Business Bureau and is not accredited. According to the agency, the decent rating is a result of failure to respond to four complaints that have been filed. It’s also worth noting that there have been more than 2,400 complaints successfully closed in the past three years, so Progressive is by no means ignoring customer complaints.
- In business since: 1937
- S&P Global financial strength rating: AA
- Moody’s financial strength rating: A2
- AM Best financial strength rating: A+
- States served: 50 plus Washington, D.C.
All information accurate as of January 20, 2020.
The Bottom Line
Overall, Progressive is a solid contender for renters insurance, especially if you’re in the market for auto insurance or other policies that could be combined for better savings. Progressive is worth even further consideration if you rent a home with secure access or in a gated community, as these types of homes get better discounts through Progressive than through other providers. Plus, if you purchase multiple types of insurance with Progressive, you’ll only have to pay a single deductible should something happen that affects multiple areas of your life. Progressive doesn’t have the best track record with customer service, but it’s still worth considering as you pull quotes from providers.
Progressive Renters Insurance FAQ
Progressive states that its average insurance policy costs $13 to $25 per month. However, the provider notes that many different factors can affect this number. The type of residence, your credit score, and what type of coverage you choose play the biggest roles. However, there are plenty of other factors, too. For example, if you own a dog, you may see your renters insurance rate go up due to the risk of dog bites.
Progressive renters insurance covers four standard areas: personal property, loss of use, personal liability, and medical payments. You can also choose to add on two additional types of coverage: water backup and personal injury. Your renters insurance policy from Progressive won’t cover damages to the exterior of the dwelling, such as the roof or backyard. This should be covered by your landlord’s homeowners insurance policy.
Your Progressive renters insurance policy can be canceled by calling the customer service phone number at 1-855-347-3939. According to the company, this allows you to cancel your policy instantly. However, be careful if you’ve prepaid for your entire policy premium upfront to save money, as you most likely won’t be able to cancel and get a refund.
Getting a Progressive renters insurance policy can be done within the same business day, as long as you have all the necessary information readily available. However, keep in mind that Progressive will give you a discount if you get a quote at least three days before you want the policy to begin, so consider planning ahead to take advantage of this cost-saving program.