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Progressive is a nationwide insurance company that is most well-known for its auto insurance coverage. However, the company, established in 1937, has offered homeowners insurance to qualified homeowners for several decades.
Homeowners insurance is a requirement for all homeowners with a mortgage in nearly all states, but finding the most valuable policy for an affordable cost is not always a simple task. This is because homeowners insurance is offered by several different insurance companies, all with varying costs, coverage amounts, and policy restrictions. Below is a brief overview of the homeowners insurance options offered by Progressive Insurance to help homeowners make an informed choice regarding their home’s coverage.
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What Progressive Home Insurance Offers
Progressive Home Insurance covers a wide range of needs for homeowners wanting to protect their property from loss. Each policy from Progressive varies in cost, coverage, and restrictions based on the homeowner’s selection of coverage, the location of the property, and the type of structure and assets included in the policy.
Cost – The cost of a Progressive Home Insurance policy is wholly dependent on the type of policy selected and the amount of coverage chosen by the homeowner. However, compared to similar homeowners insurance carriers, Progressive is known to have slightly lower premiums for the same coverage. This offers a better value for the money for some homeowners. Part of the reason Progressive’s homeowners insurance costs are lower than comparable offers is due to the discounts offered by the company.
Coverage – Progressive offers homeowners insurance policies to cover homes, garages, sheds, other structures on the property, and even lawsuits against the homeowner. Coverage amounts vary depending on the type of policy selected, but homeowners have the option to include the following coverages:
- Repairing or rebuilding the home and other property structures.
- Temporary living expenses when the home needs repairs.
- Injuries and lawsuits against the homeowner.
- Personal possessions within the home.
Types of Policies – Progressive offers several types of homeowners insurance policies based on the type of property the homeowner wants or needs to be covered. These include new purchases, seasonal and vacation homes, homes used as business properties, foreclosures or vacant homes, condominiums, rental homes, and unique architecture homes.
Requirements to Get Insured – Every homeowner applying for a new homeowners insurance policy with Progressive is required to submit documentation on the type of home that is being covered, including the size, home features and characteristics, location of the home, and any protection devices like alarm systems installed. Homeowners may also need to submit information about their habits, like smoking or recreational use of the house, along with an inventory of personal items within the property. Progressive also conducts a review of previous claims history with other homeowners insurance policies, on the current property or past homes.
Restrictions – Many homeowners insurance policies have restrictions to help limit the risk an insurance company takes on when accepting a new policy application. With Progressive, the most common restrictions are floods, earthquakes, landslides, and mudslides. Progressive may also restrict the use of the policy for sinkholes if additional coverage is not purchased.
Location Availability – Progressive homeowners insurance is available to homeowners throughout the United States. However, certain restrictions on coverage options are likely to be in place for properties located in a floodplain or zone.
Customer Service – Progressive is a large insurance company with several call centers and local branch offices nationwide. However, many customers experience a lack of service when getting a quote for a new homeowners insurance policy, as well as when a claim is made. According to the 2016 JD Power home insurance satisfaction survey, Progressive receives high scores for premium costs but a below-average rating for claims handling and overall customer service.4.20 Progressive Homeowners Insurance