Progressive Renters Insurance Review of 2023
Buying renters insurance protects people who rent their homes in the event something happens to damage their belongings.
As a rule, renters should buy enough coverage to protect them if a covered event causes all their belongings to be damaged, destroyed, or stolen or if someone sustains an injury or property damage in their rental apartment or home.
At PropertyNest, we’re big believers in buying rental insurance, but we also know that it can be time-consuming and challenging to find the best deal on renters insurance since if you’re going to buy it you want to be sure you choose a reliable company, that will provide the service and protection you need.
Progressive Insurance has a solid reputation for providing reliable and affordable insurance coverage, including renters insurance.
In this full review of Progressive’s renters insurance, we’ll look at the history of the company, its renters insurance coverage–including details on rates, coverage, and discounts–and see how it compares with other companies to help you decide whether Progressive is the right renters insurance company for you.
Progressive History & Overview
Progressive Insurance is a respected company that got its start back in 1937 when two young lawyers named Jack Green and Joseph M. Lewis decided that starting a car insurance company would meet a public need for affordable insurance while providing a good investment opportunity for them.
Since its founding, Progressive has expanded to offer other coverages that include boat and RV insurance, homeowners insurance, and renters insurance.
One of the things that sets Progressive apart from other insurance companies is that every employee operates according to the company’s Core Values, which include integrity, excellence, and the Golden Rule: treating others as we would like them to treat us.
Progressive has also dedicated itself to the principles of Diversity, Equity, and Inclusion in hiring, something that is essential in our ever-changing society.
In its 86 years in business, Progressive is a company that has stood for forward and creative thinking, and has been responsible for many innovations including being one of the first insurance companies to offer online quotes and services.
Financial and Customer Service Ratings for Progressive
There are many ways for consumers to evaluate insurance companies and two involve ratings by third parties, including financial ratings and customer service ratings.
We factor financial ratings into our reviews because they serve as an indication of an insurance company’s financial strength and stability, both of which impact a company’s ability to pay claims quickly.
When a company receives high financial ratings, it’s reasonable to expect that when you file a claim, they will investigate, verify, and pay your claim quickly.
Choosing a company with strong financial ratings provides peace of mind because it decreases the likelihood that the company will encounter serious financial issues or go out of business.
We also incorporate customer service ratings into our reviews because we want renters to be confident that they will receive the help they need if they contact support.
For the best results, we recommend choosing a renters insurance company with consistently good financial ratings, high customer support ratings, and a lower-than-typical volume of customer complaints when compared to other companies of a similar size.
Here are the ratings for Progressive Insurance.
Progressive Renters Insurance Pros & Cons
- Progressive has no upper limit on property coverage, so you can get the coverage you need to protect you completely.
- Progressive’s customer service options are impressive, with options to get support via phone, email, live chat, mobile app, self-service, and social media.
- Progressive has received a lower-than-average number of customer complaints compared to other companies.
- You can purchase water backup and personal injury coverage as add-ons.
- Multiple discounts can be layered to reduce your premium.
- Progressive offers a single deductible option if you bundle your renters insurance with car insurance, meaning that you’ll only need to pay one deductible if you have claims on both policies.
- If you buy renters insurance through Progressive, your policy may come from one of their sister companies and not directly from Progressive.
- Compared to other renters insurance companies, Progressive’s prices are on the high side.
- Progressive offers only a few options to allow renters to customize their coverage.
|PropertyNest Rating||4 out of 5|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index Score||1.66|
Progressive Renters Insurance Overview
No state laws require renters to buy insurance, but some landlords require proof of renters insurance as part of the leasing process.
Renters insurance provides protection for a renter’s personal belongings up to the policy limit. It will cover whether the belongings are in the rental unit or not when they are destroyed, stolen, or damaged.
At PropertyNest, we recommend that every renter purchase renters insurance because their landlord’s property insurance won’t protect them, so it’s the best way to get peace of mind when renting a place to live.
Policies & Coverage
Progressive offers standard renters insurance coverage that’s in line with what other companies offer, plus some unique add-on coverage options.
- Personal property. Progressive provides personal property coverage to protect your belongings, including clothing, electronics, furniture, and other belongings. (Note: high-value items must be scheduled separately.)
- Personal liability. Liability coverage protects you if you’re found to be personally liable for either a guest's injury or the damage or destruction of a guest’s personal property.
- Guest medical expenses. Progressive provides limited coverage for guest medical expenses if you are found to be liable.
- Loss of use. Progressive’s loss of use coverage protects you if your rental unit becomes uninhabitable and will pay for you to stay in alternative housing and cover meals above and beyond what you would typically spend.
In addition to these standard coverages, Progressive provides a few additional coverages that you can select to expand your protection for an added cost.
- Water backup coverage. Progressive offers optional protection to replace your belongings if they are damaged by a sewer or drain backup. (Note: this coveragedoes not protect you from a flood; flood insurance must be purchased separately.)
- Personal injury. If you purchase personal injury coverage, you’ll receive some protection to reimburse you for legal fees or damages related to things like slander and libel.
- Scheduled items. If you have high-value belongings such as original artwork, jewelry, electronics, or collectibles, you must schedule them separately to protect them since the standard policy will not cover them.
- Replacement cost coverage. The standard Progressive renters insurance policy will pay for the actual cash value of your belongings, but you can choose replacement cost coverage for an additional fee.
- Single deductible benefit. This isn’t technically a discount, but if you bundle your renters insurance with auto insurance and are in a position where you need to file claims under both policies, Progressive will reimburse you for one of your deductible payments.
As mentioned, renters insurance does not cover flood damage; FEMA must purchase coverage.
Progressive offers some of the highest limits for renters insurance coverage, making it an ideal choice for people who rent large apartments or homes and have a lot of personal belongings.
Here are the limits for Progressive renters insurance.
- Personal property: No maximum limit
- Loss of use: No maximum limit
- Personal liability: $100,000; $300,000; $500,000
- Medical payments to others: $1,000
If you opt for higher-than-usual policy limits, you should expect to pay more than average for your Progressive renters insurance.
Progressive offers renters five potential discounts to help them save on their renters insurance.
- Multi-policy discount. Save 3% by bundling your renters insurance with auto insurance; you may get additional discounts for bundling motorcycle, boat, or other insurance policies.
- Quote in advance. You can get a discount if you get your online quote at least three days before your policy inception date.
- Email documents. Agree to have your policy and other documents emailed instead of mailed to save on your premium.
- Pay in advance. If you can afford to pay your annual renters insurance premium in full in advance, you can get a discount.
- Secure/gated community. If your rental has a security guard or is in a gated community, you will get a break on your renters insurance.
Keep in mind that these discounts may be stacked to maximize your savings.
Progressive’s average cost for renters insurance is generally a little higher than the national average of $15 per month.
Here’s how the monthly costs break down based on coverage limits.
- $15,000 in coverage: $18 per month, $216 per year
- $30,000 in coverage: $23 per month, $276 per year
- $50,000 in coverage, $30 per month, $360 per year
If you choose to buy a policy with a high personal liability limit or if you schedule valuables separately, you should expect to pay more than these averages.
It’s also worth noting that your deductible will impact your renters insurance premium, with a high deductible costing less than a low one.
Filing a renters insurance claim with Progressive may not be as straightforward as you think because Progressive offers policies from multiple companies, including American Modern, Homesite, and Foremost.
You will need to call the company that issued your policy to file a claim, something that Progressive has simplified by providing a dedicated page with contact numbers for all companies.
If you have questions about the claim filing process, you can contact Progressive directly at 1-800-776-4737.
Before you file a claim, you should have the following information ready.
- The date and time of the incident
- The nature of the property involved
- The location of the incident
- Your contact information
- The cause of damage
- Details of injuries, if applicable
You will receive a claim number when you file a claim, and you should make sure to write it down because you’ll need it to check the status of your claim.
Customer Service Options & Availability
It’s essential to consider customer service before purchasing renters insurance because you’ll want to be sure that you can get the support you need if you have a claim to file.
Progressive has six different ways for policyholders to get the help they need, all of which may be accessed on their Contact Us page.
You can log into your online Progressive account to access a suite of self-service options and resources, including FAQ, Insights, and a choice of tools and calculators.
You can access Live Chat with Flo, Progressive’s automated customer service bot, 24 hours a day, 365 days a year.
Progressive offers 24/7 phone support, and Spanish language support is available between 8 AM and 12 AM Eastern Time for customer service and from 7:00 AM to 7:30 PM Central Time for claims service.
Fill in Progressive’s contact form on their website with details about your question, including your policy or claim number, and they’ll respond to you within five business days.
You can get 24/7 support directly through Progressive’s free mobile app regarding your policy, claims, and coverage.
Social Media Support
You can contact Progressive for support through their social media accounts, which include Facebook, Twitter, YouTube, Instagram, and LifeLanes.
How Does Progressive Compare with Other Renters Insurance Companies?
A review of any insurance company is most useful when it’s easy to compare what they offer with what their competitors can provide.
Here’s a look at how Progressive compares with two of its top competitors, State Farm and Geico.
Progressive vs. State Farm
- Save Up to 17% With Insurance Discounts & Savings
- Quote access: Online & by phone
Progressive and State Farm are both sizable and respected companies with strong financial ratings and solid customer support.
One area where they differ is availability: Progressive renters insurance is available in all 50 states plus the District of Columbia, while State Farm is not available in Rhode Island or Massachusetts.
Progressive offers a total of five potential discounts, while State Farm offers only two–although State Farm’s average costs are lower than Progressive’s.
While both companies have excellent customer support, State Farm has received fewer complaints than Progressive.
Both Progressive and State Farm have useful websites with plenty of resources for policyholders and well-reviewed, user-friendly mobile apps.
Neither company places an upper limit on property coverage, which is great for renters with many belongings to protect.
Read a full State Farm renters insurance review.
|PropertyNest Rating||5 out of 5|
|J.D. Power (out of 1,000) Score||836|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index Score||1.77|
Progressive vs. Geico
- Average basic renters insurance cost: $29.37 mo.
- Available in 50 states & Washington, D.C.
- Quote access: Online only
GEICO is another well-respected insurance company with solid customer service ratings and financial strength, but let’s look at how it compares to Progressive.
Both Progressive and GEICO are licensed to provide renters in all 50 states plus the District of Columbia, which puts them on even footing in terms of availability.
Progressive edges out GEICO when it comes to discounts, with five compared to GEICO’s two for policy bundling and security devices.
Another commonality between Progressive and GEICO is that they both offer quotes from third-party companies and you may not be able to choose which company provides your policy.
One particular caveat about GEICO is that coverage options vary from company to company, so we can’t really compare coverage options with any certainty.
In terms of the cost of renters insurance, GEICO has an edge with an average cost of $12 per month for basic coverage compared to $18 for Progressive.
|J.D. Power (out of 1,000)||869|
|A.M. Best - Financial Strength Rating||A++|
Overall, we feel that Progressive is a reliable and dependable source of renters insurance with a long history of customer service and claims payment.
Progressive has received strong financial and customer service ratings across the board, with a low volume of customer complaints.
We like that there is no upper limit for property coverage, something that’s important if you want the peace of mind of knowing you’re protected if your belongings are damaged or destroyed.
Progressive excels in the breadth and quality of its customer service options, which make it easy to get assistance on their website, via phone, or on their free mobile app, all of which are available around the clock and 365 days a year.
We wish that the claims filing process were centralized and online instead of requiring policyholders to call one of Progressive’s sister companies if they issued the policy.
We also wish there were more add-on coverage options available to help renters customize their coverage.
We appreciate Progressive’s single deductible option, which helps policyholders save money if they must file an auto insurance and renters insurance claim at the same time.
On the whole, we think Progressive is a solid choice for renters who want to be protected if their property is damaged, and is a particularly good option for those who want a high policy limit.
We always recommend getting a minimum of three renters insurance quotes to compare coverages and costs before you choose a policy, and making sure to take advantage of all discounts that you can qualify for.