Overview of Progressive Home Insurance
Begun in 1937 as an auto insurance company, Progressive has a track record of innovation. It was the first auto insurer to offer both drive-in claims service and installment payments, and in the 1950s it began offering auto insurance to high-risk drivers, another distinctive feature not offered by its competitors. Since then, Progressive has added policies for motorcycles, boats, RVs and even Segways.
What they haven’t really done is insure homes. Though Flo, Progressive’s well-known TV mascot, can be seen in commercials offering homeowner protections in addition to its other types of policies, the fact is that homeowner insurance offered through Progressive is actually serviced by a third-party company (Homesite). Customers can still benefit from bundling discounts, but they should also know that this means their home policies aren’t financially backed by Progressive, and that third-party company is whom you’ll be working with, should you need to file a claim.
How Does Progressive Home Insurance Rate?
Consumer Satisfaction Rating
These ratings are from the J.D. Power 2016 U.S. Household Insurance Study – Homeowners Insurance.The highest score for each category is five stars. The Progressive Insurance Company subsidiary rated here may not be the subsidiary that underwrites your insurance policy. Check with your insurance agent for more information.
Customer Complaint Ratio
The National Association of Insurance Commissioners collects complaint information from state insurance regulators. The national median complaint ratio is 1. A score of less than 1 means a company has a less than average number of complaints, while a score higher than 1 means it has more than average. Find out more from the NAIC website.The Progressive Insurance subsidiary rated here may not be the subsidiary that underwrites your insurance policy. Check with your insurance agent for more information.
Last Updated: July 2017
Financial Strength Rating
A Best’s Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. It is not a warranty of a company’s financial strength and ability to meet its obligations to policyholders. View our Important Notice: Best’s Credit Ratings for a disclaimer notice and complete details at http://www.ambest.com/ratings/notice.
Financial Strength is rated on a scale of D (poor) to A+ (superior). A rating notch of either a second “+” or a “-“ indicates the gradation of financial strength within the category. We can’t guarantee that the subsidiary of Progressive Insurance rated here is the subsidiary that will underwrite your insurance policy. Check with your insurance agent and review A.M. Best’s Financial Strength Rating Guide for more information.
Best’s Credit Ratings™ are under continuous review and subject to change and/or affirmation. For the latest Best’s Credit Ratings™ and Best’s Credit Reports which include Best’s Credit Ratings™), visit the A.M. Best website at http://www.ambest.com. See Guide to Best’s Credit Ratings™ for explanation of use and charges.
Best’s Credit Ratings™ reproduced herein appear under license from A.M. Best and do not constitute, either expressly or impliedly, an endorsement of MoneyGeek.com or its recommendations, formulas, criteria or comparisons to any other ratings, rating scales or rating organizations which are published or referenced herein. A.M. Best is not responsible for transcription errors made in presenting Best’s Credit Ratings™. Best’s Credit Ratings™ are proprietary and may not be reproduced or distributed without the express written permission of A.M. Best Company.
Source A.M. Best
Effective Date: May 2017
Pros and Cons of Progressive Home Insurance
- If you have Progressive insurance on your car, RV or other vehicle and want to have all of your insurance policies through the same company, you can bundle home and auto together and get the multi-policy discount.
- The online quote tool is more detailed and specific than most other systems so that it can calculate an accurate replacement cost for your home. There are also helpful resources and an online chat tool available to answer your questions.
- If you’re a fan of Progressive’s online comparison shopping tool, you’ll enjoy HomeQuote Explorer, a tool that allows you to enter your information just once and compare rates and coverages from several companies.
- Payment options include paying in full (or through escrow), making 10 payments per year or paying quarterly. You can’t set up a monthly payment option
- If you purchase a policy through Progressive, an exterior home inspection is fairly standard.
- To file a claim, you have to go through your third-party underwriter rather than report it to Progressive.
Progressive Home Insurance Coverage
The home insurance coverages are pretty standard, with little room for adjustment. If the software miscalculates the replacement value of your home, you’ll need to call an agent because you can’t correct it through the online quoting tool. In terms of the coverage levels that the tool will let you change, you’ll find a limited range of options.
The standard coverage options are basic, although you do have the option to pay a higher premium and upgrade some of them to include coverage against additional perils. It typically offers three types of policies, which cover your home against 11 or 18 basic perils, as well as a third option that covers most known perils as well as some unknown and not covered by the other policies. The standard home policy also allows separate deductible levels for wind damage, and in some states (mostly coastal), wind and hail are not covered.
This coverage is based on public records and a highly detailed questionnaire that includes questions such as the shape of your roof, the height of your ceilings and the amount of crown molding in the home.
The limit for other structures (detached garage, fence, etc.) is set at 10 percent of the dwelling limit. If you need to adjust this for any reason, you must speak with an agent rather than adjusting it in the online quote tool.
Also known as the loss-of-use coverage, the monetary limit on the standard policy is usually set between 10 and 20 percent of the dwelling coverage, but your coverage may vary.
Coverage for your personal property defaults to 50 percent of the dwelling coverage limit and basic protection, although you can purchase a higher limit, protection against a wider range of perils and a more advantageous replacement option.
Options for this coverage are limited to $100,000; $300,000 and $500,000.
Guest medical is similarly limited at $1,000, $3,000 and $5,000.
This is where the policyholder can finally customize the policy. Five deductibles for regular loss are offered, ranging from $500 to $5,000. For losses due to wind or hail, the deductible can either be selected from the same range ($500 to $5,000) or you may opt to have a percentage of your dwelling coverage serve as your deductible, such as 1 percent, 2 percent or even up to 10 percent.
The additional options available fall into two categories. You can upgrade the protection on your standard coverages — for instance, adding coverage for guaranteed replacement costs, adjustments for inflation, additions of personal property items, second-home coverage or increased limits for money and securities — and you can add extra coverages related to home ownership. Some of these are options not often available from other home insurers.
You can pay to include this buffer on your dwelling coverage. Some home insurance companies will automatically include a 20 percent protection, but on this policy, you can purchase 25 or 50 percent extra protection.
You can add this coverage to your policy, but the quote tool won’t tell you what it covers or how much the deductible is. You’ll need to call and speak with an agent to get details about the coverage.
This coverage is available at limits of $5,000; $10,000 and $15,000.
This option is available under the personal liability category and may be added to your policy for just a few dollars.
Many insurers do not participate in FEMA’s flood insurance program, but you can purchase flood protection through a hazard policy in conjunction with your Progressive home quote.
Available Discounts on Progressive Home Insurance Coverage
Progressive doesn’t offer many discounts on its home insurance policies other than the bundle discount. Some savings may be included in the quote based on home features such as security systems or age of the roof, as well as positive attributes of the homeowners such as being nonsmokers, having good credit or having no prior claims history. However, these are not specified during the quote process.
|Type of Discount||Description|
|Bundle discount||If you have Progressive auto insurance and bundle home insurance through the company, you will get a discount on both policies.|
How to Make a Home Insurance Claim with Progressive
Since your Progressive home insurance policy is actually underwritten by a third party, you will need to contact the partner company listed on your policy in order to file a claim.
How to Contact Progressive Home Insurance
Customer Service Phone Number 855-347-3939
Claim Phone Number If no third-party insurer phone number is available, call 855-344-1040