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Progressive is a long-standing insurance company, founded in 1937. It has an AM Best rating of A+ and an S&P rating of AA. Progressive’s renters insurance provides affordable coverage that can help you recover financially from an unexpected loss.
- Opportunity for discounts
- Easy claims process
- Offers a mobile app
- Can bundle your policy with other Progressive insurance products
- Offers the option for low deductibles
- Need to enter personal information such as your birthdate and social security number to receive a quote
- Can only make monthly payments if you enroll in automatic withdrawals
Who’s Progressive Renters Insurance for?
- Existing Progressive customers: Since Progressive offers many types of insurance, it allows the opportunity to bundle your insurance policy to receive a discount. You could save up to 5% on your Progressive insurance policies if you bundle renters insurance with vehicle insurance.
- Renters with or without roommates: If you live alone, it’s easier to determine the value of what is in your apartment. But even if you have roommates, you should be sure that your belongings are specifically covered by renters insurance. If you have a roommate, you should be sure that you are both named on your renter’s insurance policy. You and your roommate(s) can also take out your own separate renters insurance policies.
Progressive Renters Insurance Products
There are 4 main types of renters insurance products that Progressive offers:
- Living expenses: If a covered event occurs and you are no longer able to stay in your home, this product is what you will need. It reimburses you for living expenses that you would otherwise not need to pay for. For example, if your home is damaged by a fire and you need to stay in a hotel for a month while repairs are made, this coverage could reimburse your hotel bills.
- Personal property: If items in your home are damaged or lost due to a covered event, this coverage will help you replace them. When you sign up for your policy, you will choose the level of protection that best represents the value of your items.
- Liability coverage: If someone gets injured on your property, this coverage could come in handy. If a guest makes a claim against you or sues you, your liability coverage could help protect you against the legal costs associated with the incident.
- Guest medical coverage: Similarly, if a guest is injured on your property, they may look to you to cover their medical expenses. No matter who is at fault for the incident, your guest medical coverage may be able to help you. It can cover medical expenses such as ambulance rides, diagnostic imagery, surgeries and hospital stays due to an accident on your property.
Progressive’s renters insurance also offers optional riders that can be added to your basic coverage. These riders include:
- Earthquake coverage: Depending on where you live, you might want to consider adding earthquake coverage to your renter’s insurance policy. Earthquakes can cause damage to your belongings in a matter of seconds. Adding this coverage can help you cover losses and damages that occur due to an earthquake event.
- Identity theft protection: You may have the option to add identity theft protection to your renters insurance policy. This rider helps pay for the cost of restoring your identity if you become a victim of identity fraud.
- Sewer and drain backup coverage: This rider helps give you an additional layer of coverage if water damage occurs in your rental. Coverage is extended to water damage that occurs as a result of water moving from the ground up. This can include damage from overflowing drains and sewers and broken sump pumps.
- Valuable item coverage: If you have specific items that are of significant value, you may want to consider adding this coverage to your policy. This coverage will help protect items such as expensive jewelry and collections from theft, loss or damage.
Standard Progressive Renters Insurance Coverages
When you enter your information and receive a renters insurance quote from Progressive, it provides you with its suggested coverages. These coverages are based on where you live and any other information that may suggest you need a certain level of coverage.
A standard policy from Progressive includes:
- Personal property coverage
- Personal liability coverage
- Medical payments coverage
Based on your information, Progressive will also suggest additional coverage that may make sense for your situation.
Available Discounts and Tips on Getting the Best Rates
When you receive a quote from Progressive, it might be helpful to speak with a representative to ask about any and all discounts that it offers. Some of the most common discounts for its renters insurance policies are:
- Multi-policy: If you bundle your renters insurance policy with an auto policy from Progressive, you may be eligible for a 5% discount on your auto policy. You may also have the option to receive additional discounts for other policy combinations.
- Paperless documents: If you opt-out of paper documents, you can receive a discount. When you do this, you will receive all of your policy documents via email.
- Pay in full: If you pay your policy in full when your coverage begins, you can save money in the long run.
- Quote in advance: Taking the time to consider your options can pay off. If you start your policy at least 3 days after receiving your quote, Progressive will give you a discount.
- Secured or gated community: If your rental is protected by gates or security guards, you may be able to earn an extra discount on your policy. This discount requires that you either drive by a security guard or use a key or remote to enter your home’s complex or community.
- Single deductible benefit: Another benefit of combining your auto and renters insurance policy with Progressive is the single deductible benefit. If you become the victim of an incident that affects both your auto or renters policy, you will only need to worry about one deductible when you file your claim. If your car is stolen, for example, and you had your laptop and other belongings in the truck, you would be covered by both policies. You would need to file a claim with your auto insurance policy for the theft of your car. Then you would file a claim with your renters policy for the loss of your items that were in the trunk. You would only need to pay out-of-pocket for one of the claims.
Common Progressive Renters Insurance Coverage Selections
When you receive your renter’s insurance quote, Progressive will likely suggest the most common coverage amounts. According to Progressive, these are:
- Personal property coverage: $20,000
- Personal liability coverage: $100,000
- Medical payments coverage: $1,000
You will have the option to add extra computer coverage. The coverage amounts shown above include $2,500 in computer coverage. To decide whether you should add extra computer coverage, consider how much your electronics are worth. Computer coverage extends to computers, tablets, computer software, printers and other related items. If the combined total of your computer systems is more than $2,500, you may want to add this extra coverage.
Progressive also lets you add extra coverage for jewelry pieces at any time. Coverage of $1,000 is included in these common coverage amounts. If you have individual pieces that are worth more than $1,000, you may want to add this extra coverage.
The most common deductible on Progressive renters insurance policies is $500. This means if you file a claim, you will have to pay the first $500 to address your damages or losses. After that, Progressive will cover the rest until you’ve met your policy’s coverage limits.
Other Related Insurance Types Offered by Progressive
Progressive also offers other types of property insurance. If you do not rent your home, you may want to look into one of these options instead:
- Condo insurance
- Homeowners insurance
- Homeshare insurance
- Mobile home insurance
Progressive also offers:
- Flood insurance
- Home warranty insurance
- Home security insurance
If you buy a home while your renters insurance policy is active, a Progressive agent may be able to help you convert your policy to the appropriate property insurance. Don’t forget, you can also bundle your auto and property insurance policies to receive a 5% discount.
Progressive offers a number of ways to receive customer service. You can explore the Progressive website to find answers to frequently asked questions. If you need further assistance, you can get it with one of the following options:
- Click Chat now on the Progressive website.
- Call Progressive’s general customer service line at 888-671-4405.
- Send an email. If you’re a current customer, you should log into your account before emailing customer service. Progressive can only answer your policy questions if you are logged into your account.
Progressive offers a robust customer claims center to help you through the claims process. It can help connect you to the appropriate company to address questions about your claim.
You can report a claim or view your claim status by logging into your Progressive account.
You can also report or view your claim by calling 800-776-4737.
Pricing and Value
The pricing and value of your Progressive renters insurance policy will depend on factors including where you live, your coverage amounts and any discounts you receive. To find the best renters insurance for you, you should be sure to answer all of Progressive’s questions as accurately as possible.
Progressive gives you the option to make monthly, quarterly, biannual or a single payment. The fewer payments you make, the more money you can save.
For the common coverage amounts listed above with no additional discounts, Progressive offers the following pricing options:
- Monthly payments: $223.88
- Quarterly payments: $215.83
- Biannual payments: $207.84
- Single (pay in full) payment: $182.02
Progressive makes its best effort to help customers find the answers they need. In addition to providing personalized service, it also offers resources and answers to commonly asked questions, such as:
- How to get renters insurance.
- How much renters insurance you need.
- What is a renters insurance deductible?
If you need help or have questions about your quote, you can call 855-347-3939 for support.
Do I Need Renters Insurance?
In a word, yes.
If you rent your home, you should know that your personal belongings are not protected by your landlord’s insurance policy. This is why renters insurance is crucial to protect you in case you suffer a loss. In fact, many landlords and rental companies require their tenants to carry renters insurance policies.
Compare your quotes to find cheap renters insurance that will meet your needs.