Extensive homeowners coverage and better-than-average discounts
The key to mastering Progressive’s homeowners plans is understanding that they cooperate with a pool of 13 top national insurers. If you’ve heard of Progressive’s comparison shopping engines (for home and auto insurance), that’s how they find us such affordable premiums.
The flip side of that approach is that coverage isn’t uniform with Progressive. It can vary from provider to provider. I’ve explored a number of policies from Progressive’s insurance partners, however, and the following list of protections (from Homesite, a company Progressive owns) is the most comprehensive.
|Dwelling (including other structures)||Extra replacement cost|
|Wind and hail||Additional belongings coverage|
|Personal possessions||Additional computer coverage|
|Personal liability||Equipment breakdown|
|Medical expenses for others||Defamation liability|
|Temporary living expenses||Identity theft|
|Mold protection||Water backup|
FYI: Do you take household mold seriously? You may be pleased to know that Progressive also has mold liability insurance, which protects you in case someone “falls victim to mold” on your property.
Did You Know: Service lines come in all shapes and sizes, and all of them are a huge hassle to repair — whether it’s a cable or fuel line, water or sewer piping, a drainage system, or a private well or septic tank.
Pinning down an average homeowners insurance rate, even for a single provider, is like sighting the Yeti. Many claim to have seen one, but few agree on what it looks like.
That’s only natural. Insurance premiums are a complex mix of a home’s age and condition, as well as its location and integrity. Insurance and credit scores also play a role. And, don’t forget, Progressive is a network of 13 insurance companies, each with its own coverage and prices.
That said, here are some key insights I took away from the weeks I spent crunching the numbers on Progressive.
|Progressive monthly premium||Progressive yearly premium||Average monthly premium in the U.S.||Average yearly premium in the U.S.|
First off, there’s a method to this madness. HomeQuote Explorer®, Progressive’s price comparison engine, gives you a choice: Do you want a quote at a lower price, with more coverage, or a mix of the two? I experimented with all three. The range of rates above ($98-$152) reflects that. So same property, different amounts of coverage.
You’ll notice that the cheapest premium Progressive gave me ($98) falls almost right over the national median ($104) — so not bad. On the other hand, my highest quote ($152) is $600 over the average. What’s up with that?
I’ll explain. But first, a quick look at how Progressive stands up to the competition.
Compared to Lemonade’s rates ($89-$122 per month), I found that my Progressive quotes were between $10-$30 more expensive. Likewise, the quote for my Nationwide policy, which came with a bunch of extras Progressive didn’t give me, like RCV coverage for my belongings and new roof coverage for my nine-year-old roof, was only $111 per month.
So, again, what’s the deal here?
Partially, it’s because Lemonade and Nationwide write very competitive homeowners policies. Location may also have been a factor. Rates do vary by state and region, and though we try to keep the properties we quote as close to the national median in age, price, and condition as possible, we do mix up location to reflect the geographic diversity of our readers, who live all over the country.
But I suspect dwelling coverage ate up the lion’s share of my higher Progressive premium. My Progressive quote simply included a lot more rebuilding coverage than either my bargain Lemonade or Nationwide premium.
Homeowner’s Tip: Homeowners insurance rates depend on a bunch of situation-specific factors. So before you hit the comparison shopping engines and online quote builders, make a checklist of what you’d like to have and what you can’t compromise on so that you’re always comparing apples to apples.
If you know Progressive, it’s probably for auto or homeowners insurance. But Progressive has expanded into at least two other insurance markets that will make perfect sense for security-conscious homeowners: identity theft protection and home security systems.
Your household isn’t just your material possessions anymore. It’s your digital presence, too. Except, it’s a lot more common for a thief to breach your laptop or phone than to pick your backdoor lock. Progressive partners with Experian’s IDnotify, offering ID monitoring for as little as $28 per year. For an inside look at how to keep your identity safe without breaking the bank, check out our hands-on IDnotify review.
Homeowner’s Tip: Your identity theft protection service can be a lot more than just a way to monitor your credit report and sensitive details. These days, many top services offer special family features like social media monitoring and cyberbullying restitution. To learn more about how those family features work, check out our guide to the best identity theft protection services for families.
Insurance providers offer serious savings for safer homes. Progressive takes that one step further by offering SimpliSafe home security plans as an add-on insurance. If you’ve read through these pages, you already know how we feel about SimpliSafe. (It’s our top wireless home security system of 2022.) But don’t take my word for it. Installing a home security system knocked $108 off my Progressive quote. Read our latest guide on home insurance discounts and home security systems to see how you can protect your own home and save.
Electronics warranties are good for malfunctions, but they don’t protect against the kinds of accidents that happen every day — you know, like when we knock our laptop off the table or forget our Kindle at the park. Progressive’s phone and electronic device insurance fills that gap. Just don’t forget to toggle off “additional computer coverage” on your quote, because your laptop is included here.
Progressive was one of the first names on the insurance market to reward drivers for driving safer. As we’ll see below, bundling your auto and homeowners policies will save you even more money on Progressive’s already competitive auto rates.
Progressive’s most popular bundling combo is auto and homeowners insurance. But you can actually earn a multi-policy discount with Progressive when you bundle any two Progressive products. And that list of products is possibly the most extensive in the industry. How much you save depends on what you’re bundling.
Did You Know: Progressive is one of the only insurance providers we know that offers health, dental, and vision insurance.
Progressive doesn’t play around when it comes to discounts, and these are only the homeowners insurance deals. Individual products may have their own discounts.
Homeowner’s Tip: You can’t fully appreciate the discounts until you master the basics. Our complete home insurance buyer’s guide covers everything you need to know to become a homeowners insurance expert in minutes.
Progressive is a constantly evolving and innovating company. They’re also a customer-centric brand with personality and conviction. And they offer just about any type of insurance you’re ever likely to need. So if consolidating all your policies with a name that’s going to be around for the long haul is what you want out of an insurance provider, Progressive makes a strong case — if you can get a rate and coverage you’re happy with.
I found the whole process a little confusing: too many providers, no uniform coverage, and rates ($98-$152) that varied wildly.
My gut feeling is that Progressive, which earned outstanding scores for digital experience in 2021, will fix those glitches soon. If they do, and they move to online claims filing, they’re going to give insurtech rivals like Lemonade a much better run for the money.
Progressive’s main bundle is home and auto insurance, but you can save when you bundle any two Progressive policies; i.e., auto and health, vision and dental, renters and motorboat.
Replacement cost coverage is available, but whether it’s available to you will depend on your policy and your provider.
Homesite is one of the 13 insurance providers Progressive partners with. Progressive also happens to own Homesite.
Short answer: a lot. Most — new homeowner, protective devices, paperless — you’ll be familiar with. But there are a few deals that are unique to Progressive, like PerkShare and Progressive’s contractor network discount.
Our analysis revealed that Progressive does have competitive rates, but they’re not always the cheapest on the market. You’ll need to do your homework to get the best deal.
Federal Trade Commission. (2021, February 4). New Data Shows FTC Received 2.2 Million Fraud Reports from Consumers in 2020.
Home Advisor. (2022, January 27). Water Damage Restoration Cost.