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Progressive Renters Insurance Review

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Founded in 1937 and based in Ohio, Progressive Casualty Insurance Company is a powerhouse within the insurance industry in the United States. Although its main product is auto insurance, it has numerous types of individual and commercial insurance options, including policies for condos, boats, pets, homes, RVs, renters, motorcycles, life, businesses, and commercial autos, which allows for seamless insurance policy bundling that is easy on the consumer's wallet.
 
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How is Progressive rated?

Breakdown

4.5/5
Coverage Options
4.5/5
Add-Ons & Discounts
4.5/5
Customer Service
5.0/5
Financial Strength

Overall Rating: 4.6 / 5 (Excellent)

Progressive offers comprehensive renters insurance at lower-than-average prices. It also has several optional add-ons and easily accessible discounts that further decrease the policy cost. Their product is fully customizable, thereby allowing it to adjust to a wide range of budgets. The company provides quick online quotes and are available 24/7 over the phone and online. On top of it all, Progressive has an extremely solid credit outlook, and is therefore, a financially sound institution.

Progressive Coverage

Coverage Options - 4.5 / 5

Progressive renters insurance provides the industry standard coverage. Personal property is covered from $15,000 and higher, while medical liability coverage taps out at $5,000. Progressive does go a little further with coverage against mold and damages to the property it may cause from $2,500 until $50,000, as well as mold liability protection from $25,000 to $100,000.
Basic Coverage
Personal Property
Personal Liability
Loss of Use / Additional Living Expenses
Medical Payments
Optional Coverage
Water Backup
Property Valuation Methods
Replacement Cost
Actual Cash Value

Exclusions

Progressive renters insurance excludes any damage to the roof, building, exterior or premises around the home. Flood damage is also excluded, but Progressive offers separate flood coverage as an add-on.

Coverage Fine Print

Standard coverage includes:
-Personal property that is damaged or stolen are covered, even if it is not within the home. However, coverage for expensive items such as jewelry, art, memorabilia, and computers is limited, but may be eligible for extra coverage.
-Loss of use covers temporary living expenses, specifically hotel or rent and food expenses, in the event that your insured home is damaged and unlivable.
-Personal liability coverage pays for legal fees in the event the customer or a cohabitating family member is sued for property damage or personal injury.
-Medical coverage pays for the medical expenses incurred as a result of an injury suffered within the insured home by individuals who do not live in it. Customers may also add the following coverage for an extra charge:
-Water back-up protects your belongings against water damage from backed-up sump pumps and sewers. It will also cover water removal services.
-Personal injury covers the legal fees and additional damage payments as a result of the following legal proceedings: slander or libel lawsuits, wrongful eviction, wrongful entry, malicious prosecution, and false arrest, detention or imprisonment.

Pricing & Discounts

Add-Ons & Discounts - 4.5 / 5

Progressive's pricing structure for renters insurance is among the industry's most affordable. Coverage before discounts can start at $14.48 a month, with a $500 deductible. Progressive offers a wide range of deductibles both lower and higher than $500 that will then proportionally affect the price. This affords flexibility to Progressive's renters insurance product. Most customers qualify for the majority of the discounts that Progressive offers, thereby lowering their premium even further.
Annual Premium
Starting at $191
Deductible Options
$250, $500, $1,000 and $2,500
Maximum Liability Coverage
$0
Property-Level Discounts
Security / Lobby Staff
Annual Premiums
$191.11 per year is equal to one $31.72 down payment and 11 monthly payments of $14.48, plus applicable installment fees

Discounts Fine Print

Progressive also offers the following discounts as well:
1) Quote in advance - Discount for customers who get a quote at least three days prior to the insurance policy effective date.
2) Email documents - Discount for customers who chose to receive Progressive documents by email.
3) Secured/gated community - The security/lobby staff discount mentioned above also applies to customers who live in a community that has remote-controlled access.
4) Single deductible - This discount allows customers to pay one deductible per incident if they have bundled ASI renters insurance (which is one of Progressive's network insurance providers) with another Progressive insurance policy.

Customer Experience

Customer Service - 4.5 / 5

Progressive offers a quick 6-minute-long online quote form and also allows customers to purchase insurance online or over the phone with an agent. Progressive offers many customer contact options, which makes it easily accessible. It has a 24/7 customer service phone line where customers can report an accident, make a claim, pay a bill, make policy changes, get a quote, buy a policy, and get roadside assistance. They also offer a separate phone number specifically to report fraud or identity theft, and a fax number. Progressive can also be reached by online chat Monday through Friday from 5:00 am to 12:00 am EST or by email, but these are only available to customers with a login.

The Better Business Bureau (BBB) has awarded Progressive with a high A- rating. This rating takes into consideration that the company failed to respond to two complaints lodged against it at the BBB, which is minimal compared to the 2,124 complaints that Progressive has closed in the past three years. Although Progressive received a higher than average complaint ratio at the NAIC, it is offset by the fact that only 5 complaints were resolved in favor of the consumer. Please note that the NAIC complaint ratio reflects the number of complaints a company receives divided by the total premiums written during a calendar year. The national median complaint ratio score is 1. Finally, JD Power and Associates awarded Progressive's underwriter with an "among the best" rating for customer interaction. This means that customers opined that Progressive's underwriter's customer service exceeded their expectations.

Customer Ratings

TrustPilot Rating
4.0 out of 5
BBB Rating
A-

National Association of Insurance Commissioners

NAIC Complaint Ratio
6.88
NAIC Total Complaints
5
*The NAIC complaint ratio (in this case 6.88) is a ratio of the number of complaints a company received to the its total premiums written in a calendar year. The median complaint ratio across all companies is 1. A score below 1 means the company received fewer than average complaints. A score above 1 means the company received a higher number of complaints than average.

Financial Strength Ratings

Financial Strength - 5 / 5

Progressive is a respectable and solid organization, evinced by its 82 years of experience in the insurance industry. The company enjoys financial ratings that exceed the industry standard. It received the third-highest ratings from S&P (AA) and Moody's (Aa2), which are classified as high grade ratings. In addition, A.M. Best awarded Progressive with its second highest rating, an A+. The company's creditworthiness is undeniable, and likely to be long-term, which provides customers with the peace of mind that Progressive can successfully pay its claims.
Underwriter
Homesite Insurance Group
Standard & Poor's Financial Rating
AA
Moody's Financial Rating
Aa2
AM Best Financial Rating
A+
Company Type
Subsidiary/ Partner
*The above information reflects the financial strength of the underwriter of the Progressive renters insurance policies: Homesite Insurance Group.

Contact & Additional Information

Homepage URL
https://www.progressive.com/renters/
Company Phone
(855) 347-3939
Headquarters Address
6300 Wilson Mills Road, Mayfield Village, OH, 44143
Year Founded
1937

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