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Renters insurance covers more than just an apartment; it also encompasses condos, dorm rooms, and possibly even a house. It’s convenient when landlords’ insurance policies don’t cover renters’ personal liabilities or keep roofs over their heads due to an uninhabitable dwellings.
Renters insurance offers many basics, but policyholders can pay more to cover jewelry, personal injury, water damage, or pet coverage. Costs will vary, but there are many insurance companies out there—large and small—offering renters insurance.
This article will review Progressive Renters Insurance and discuss its available options.
Progressive Renters Insurance Overview
Progressive opened its doors in 1937 as an auto insurer. It has always been an insurance innovator beginning with its reduced rates for low-risk drivers, a website that showed comparison rates and allowed consumers to buy auto insurance policies in real time.
Today, the company offers many types of insurance coverage, including home and property, vehicle and recreational, health, travel, as well as wedding and event. It is the third largest auto insurer in the country and the top seller of motorcycle and commercial auto insurance. It’s also one of the top 20 homeowner’s insurance carriers by size.
Costs & Discounts
Progressive’s website notes the average 2017 cost of a renters insurance policy ranged from $13 to $25 per month. This is about the same as the nationwide average cost of renters insurance policies. The company’s renters insurance is offered through a network of insurers. To receive a quote, consumers will have to answer a few questions online.
For example, a $25,000 value for personal property coverage with $100,000 personal liability, $1,000 medical liability, and a $500 deductible, Progressive’s quote was $206 annually (no additional fees) or $15.62 per month. It has four payment options, some with additional monthly fees:
- A $206 full payment
- Four quarterly payments: $82.40 down payment and three payments of $41.20
- 10 monthly payments: $51.47 down payment, followed by nine payments of $17.17
- 12 monthly payments: $34.18 down payment, followed by 11 monthly payments of $15.62
Progressive offers discounts for renters insurance starting with the process of getting a quote – though no specific discount amounts are listed on the website. First, consumers may receive a discount if they receive a quote and take out a policy three days after or more. In addition, if you choose to receive your policy documents by email or if you pay for a full year in advance, you can receive additional discounts.
The company also allows policyholders to bundle auto and renters insurance to earn an extra 5 percent discount on their auto policies. Residents in a secured or gated community are also eligible for discounts.
Progressive’s standard renters insurance includes personal possessions (stolen or damaged), loss of use (temporary living expenses), personal liability (lawsuits if policyholder is sued) and medical payments (injuries at policyholder’s home).
Additional coverage encompasses water backup, personal injury, and jewelry. This does not include roof damage, building/exterior or premises around the renter’s place, and flood damage.
There is a single deductible with savings. If a policyholder bundles renters and auto insurance, and one incident/claim applies to both, they only need to pay a single deductible. This benefit is only available through ASI renters insurance, one of Progressive’s network insurance companies.
Requirements to Get Insured
Progressive doesn’t specifically list requirements, but it has educational content about requirements and what affects costs. This includes residence type (structure category and size affect payment), credit and insurance score (requirements vary by state), dogs (liability of owning one), and coverage selections.
Progressive renters insurance is unavailable to Hawaii renters and some other states (though the specific states aren’t listed on the websites). Calling Progressive’s customer service will yield an answer about any specific location availability.
Progressive’s renters insurance doesn’t cover damage from floods. The company can, however, help you secured flood insurance separately if you want it.
Progressive has numerous ways to contact them including a 24/7 sales and customer service line, and online through chat or email. There is a robust app that provides policyholders with a lot of flexibility including claim filings and bill payments, and a policyholder website to review policies and more.
Progressive offers consumers basic renters insurance plus a few additional extras. Costs are in line with other insurance companies, and its online quote is easy to obtain. There are many discounts including bundling with a Progressive auto insurance policy.
Progressive offers a lot of ways to reach its customer service, and its app has many features. Its renters insurance may have appeal to consumers already carrying other Progressive policies for affordability and convenience. Progressive renters insurance offers the following:
- Basic features and extras at a reasonable cost
- A website and app offer a lot of consumer autonomy
- Many discounts for policyholders
- The ability to work with an established, reputable company