Homeowners Insurance Progressive
Progressive Guide
Homeowners Insurance Progressive
Overview of Homeowners Insurance by Progressive
Pros
- Well known and trusted company
- Discounts offered for multiple policies
- Several options for Home Insurance available – lets you choose which company underwrites policy.
- Not limited to only homeowners, Renters Insurance is offered.
Cons
- Underwritten by third party
- Claims are filed through underwriting company – not Progressive.
Overall Progressive is a great choice for homeowners insurance if you need home and auto insurance. Home Insurance by Progressive may be a little different since it is underwritten by a third party, but that doesn’t lessen your chance of a claim being paid out.
They also offer renters insurance which is a great way for non homeowners to get a bundling discount
More on bundling discounts later.
State Availability for Homeowners Insurance by Progressive
The great news about home insurance by progressive is that is is available in 48 states! The only states it currently isn’t an option is Hawaii and Alaska.
Customer Satisfaction with Progressive Homeowners Insurance & Renters Insurance
Overall customer satisfaction is great with customers who have homeowners insurance or renters insurance through Progressive.
Homeowners Insurance Progressive
Different Types of Homeowners Insurance Progressive Policy Explained
Most people think homeowners insurance is only for homeowners, but it’s not!
Homeowners insurance also covers renters!
Condo owners too!
There are several types of homeowners policies available. The list below is not a complete list, but instead is the types of policies Progressive offers.
HO-3 Special Form
This type of homeowners policy is written to include all types of perils except ones that are excluded. Meaning there is NOT a list of covered perils, instead there is a lost of NOT covered perils.
It contains coverage parts A-F
(More on those below)
This is a great option for homeowners.
HO-4 Renters
This type of policy is specifically meant for renters/tenants.
Since you don’t own the structure you don’t need all the coverage parts offered in a standard homeowners policy.
Instead this type of policy is meant to insure only your personal property and offers your personal liability coverage as well.
HO-6 Condo Owners
Just like with an HO-4, the HO-6 Homeowners Policy also lacks a few of the coverage types.
Due to condo owners not necessarily owning all of the structure these types of policies are written with that in mind.
Homeowners Insurance Progressive
Homeowners Insurance
vs
Renters Insurance
Before we get into the difference between Homeowners Insurance and Renters Insurance, let us first explain the overall coverage provided by a homeowners insurance policy.
Remember even though it is refered to as a homeowners policy it’s also for renters!
Coverage A – Dwelling
Coverage A covers the main structure and attached structures. Attached structures include garages, decks, and patios.
They do not include fences, pools, detached garages, or land.
The amount of insurance on Coverage A is to cover the replacement cost of the home.
Other coverages in the policy are based on a percent of this limit. With the exception of an HO-4 Renters Policy.
Coverage B – Other Structures
Coverage B is for other structures that are located on the property. These can include: detached garages, pools, and sheds.
Coverage B is 10% of your Coverage A limit.
So if you insurance your home for $200,000 – your Coverage B limit is $20,000.
—Something to note that the $20,000 in coverage is not subtracted for the over limit of $200,000.—
Coverage C – Personal Property
Coverage C covers personal property owned by the insured. It does not have to be on the property at the time of loss.
This is great for those who travel a lot, and can give you peace of mind knowing that your belongings are still insured.
Coverage C is 50% of your Coverage A limit.
*Excluding Renters Policies*
Coverage C has many exclusions for things of high value and has endorsements available for you to include those items and to get more coverage. There are also specific limits for certain groups of items.
*More on Coverage C can be found here*
Coverage C is the main portion of an HO-4 Renters Policy. Since a tenant only needs to insure possessions and not the structure.
Coverage D – Loss of Use
Coverage D helps provide financial support in case of a covered loss that results in you not being able to live in the home.
If your home is damaged due to a fire, and you are unable to live there this coverage will help cover the cost of your additional living expenses.
Coverage D is 30% of your Coverage limit.
In regards to an HO-4 Renters Policy – Coverage D is 30% of your Coverage C limit
Coverage E – Personal Liability
Coverage E provides you with liability insurance against bodily injury or property damage to another due to an insured fault.
This coverage does not have a deductible and is subject to a separate limit.
Coverage F – Medical Payments
Coverage F pays for medical expenses for injuries that occur on the insureds property.
For example: You, the homeowner, have a guest at your home and they fall and break their leg, this coverage would cover their medical expenses without needing to go to court for coverage E benefits.
Cost for Homeowners Insurance
How to Save Money on Homeowners Insurance
One of the most common ways to save money on your homeowners insurance or renters insurance is by bundling. Which Progressive makes very simple.
Not only does Progressive offer the option of bundling home insurance, renters insurance, and auto insurance; but they also offer insurance policies for your favorite toys. Boats, RVs, motorcycles, ATVs, and even golf carts! More bundling options are below
| Auto | RV |
| Boat | Life/Health |
| Travel | Commercial/Business |
| Motorcycle | Umbrella |
Another great way to save money on homeowners insurance is to make some upgrades to your home. It will cost you money up front, but in the long run it can save you tons!
Below are some common upgrades that can save you money.
| Adding a security system | Upgrading wiring/electrical |
| Monitored smoke detectors | Updating/upgrading windows |
| Upgrading/replacing roof | Upgrading plumbing |
Cost for Homeowners Insurance
Average Cost of Homeowners Insurance through Progressive
We wanted to give you an idea of what homeowners policies typically cost with progressive based on your state.
It is important to note that even though these are averages by state, there are several factors that can increase the cost. One of the most common would be the homes proximity to the coast.
| State | Average Cost |
|---|---|
| Alabama | $1,462 |
| Arizona | $1,501 |
| Arkansas | $1,322 |
| California | $1,325 |
| Colorado | $1,512 |
| Connecticut | $1,510 |
| Delaware | $1,376 |
| Florida | |
| Georgia | $1,422 |
| Idaho | $1,484 |
| Illinois | $1,372 |
| Indiana | $1,535 |
| Iowa | $1,303 |
| Kansas | $1,320 |
| Kentucky | $1,326 |
| Louisiana | $1,393 |
| Maine | $1,365 |
| Maryland | $1,470 |
| Massachusetts | $1,286 |
| Michigan | $1,279 |
| Minnesota | $1,341 |
| Mississippi | $1,450 |
| Missouri | |
| Montana | $1,348 |
| Nebraska | $1,387 |
| Nevada | |
| New Hampshire | $1,290 |
| New Jersey | $1,411 |
| New Mexico | $1,401 |
| New York | |
| North Carolina | $1,465 |
| North Dakota | $1,465 |
| Ohio | $1,274 |
| Oklahoma | $1,362 |
| Oregon | $1,420 |
| Pennsylvania | $1,292 |
| Rhode Island | $1,431 |
| South Carolina | $1,372 |
| South Dakota | $1,426 |
| Tennessee | $1,403 |
| Texas | $1,413 |
| Utah | |
| Vermont | $1,372 |
| Virginia | |
| Washington | $1,377 |
| West Virginia | $1,464 |
| Wisconsin | $1,387 |
| Wyoming | $1,330 |
Homeowners Insurance Progressive
Homeowners Insurance Buying Guide
When looking for homeowners insurance there a few things that can help you save time and money.
One thing that would do both is to use one of our skilled agents. They shop around for you, based on your needs to help you save time and money.
Other things to be aware of when purchasing homeowners insurance are….
- Do your research on the company. Make sure they are rated well by a credit rating agency, such as AM Best.
- Doing a self inspection to be aware of the status of your home so you can accurately answer all questions and avoid any future issues when the insurance company does their own inspection. (click here for our home inspection checklist)
- If your home requires homeowners insurance by the mortgage holder, know what coverages they require.
- Make a note of any high value items that could potentially require extra documentation for coverage or even additional coverage.
FAQ
| Additional Helpful Links |
|---|
| Home Inspection Checklist |
| States We Serve |
| Consumer Financial Protection Bureau |
| Progressive AM Best Rating |
Last Updated on by Camron Moss