Progressive Homeowners Insurance Policies and Prices 2023

You need security for your home before, during, and after an event. What do we mean by that exactly?

Well, security cameras can deter burglars before they set foot on your property. An alarm system can alert you if a burglary is in progress. And home insurance will help you recoop costs should disaster strike. All of these safeguards together equal complete home protection in our book. Like we always say — home insurance is home security.

And today we’re going to be looking at one of the best known names in the home insurance game. Progressive has some great offerings, but before we delve into it, let’s take a look at some of their primary coverages.

Key Coverage

• Dwelling coverage
• Extra replacement cost
• Other structures
• Personal possessions
• Personal liability
• Medical expenses to others
• Temporary living expenses
• Wind and hail
• Earthquake
• Water backup
• Service lines
• Identity theft

Progressive has been a pioneer in insurance comparison shopping since 1994.

Progressive Home Insurance Coverage Up Close

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.

Progressive Home Insurance Coverage

Basic coverage

• Dwelling coverage: The devil is in the details (of your property coverage). Your standard dwelling coverage with a deductible of $1,000 covers you against any peril (accident) besides hurricanes, earthquakes, floods, wind, or hail. The most common perils are lightning, fire, smoke, tornadoes, power surges, theft, and vandalism.
• Other structures: Unless you increase it, anything you build on your property is covered for 10 percent of your dwelling coverage limit.
• Wind and hail: Wind and hail — i.e., storms and tornadoes — are very popular perils. They’re so popular that Progressive gave them their very own deductible. Your minimum deductible is $1,000, by the way. Raising it lowers your premium.
• Personal possessions: Progressive’s standard possessions insurance is actual cash value (ACV), which means you get the money to buy back your ruined or stolen stuff, but with wear and tear figured in. In other words, the Xbox Series S you bought for $460 three years ago is worth about $75 today. This may leave you feeling burned if it ever happens to you, so you might consider paying a little more to cover your belongings at replacement cost value (RCV). That way, you’ll get enough cash to buy back your things new.
• Personal liability: Personal liability coverage kicks in in two general scenarios: One, a guest gets injured on your property. Two, you injure yourself (or damage someone else’s things) on someone else’s property.
• Medical expenses to others: Hand-in-hand with personal liability, your medical expenses coverage specifies a ceiling for Progressive’s payouts to anyone who gets hurt on your property. Incidentally, Homesite (my Progressive provider) carved $3,000 of doctors bills into my policy. $1,000 is standard.
• Temporary living expenses: If you ever have to move out while you’re rebuilding, your temporary living expenses (a.k.a. loss of use) insurance will cover you for food and housing bills. How insurance providers calculate payouts varies. Homesite fixed my ceiling at around 33 percent of my total property coverage, so around $100,000.
• Mold protection: Not sure why this came with my policy, (or why I couldn’t refuse it). Maybe the house I was insuring was in a “high-mold area.” In any case, Progressive’s mold protection pays for diagnosing and rooting out wet and dry rot. Good to know.

Extra coverage

Increasing my Progressive dwelling protection means I’m covered if building costs go up.

• Extra replacement cost: You can think of extra replacement cost coverage as inflation protection. It works like this. You build or buy a house. You need to rebuild or renovate in five years. Building costs have gone up, and your dwelling coverage isn’t enough to cover them. Extra replacement cost coverage (typically 10 to 50 percent of your dwelling coverage) to the rescue!
• Additional belongings coverage: Some Progressive home insurance plans  offer RCV coverage. (Remember, that means you get the money to replace your stolen or lost stuff at its current market value, not its depreciated value.) My Homesite policy didn’t seem to offer this. My advice? If in doubt, ask an agent. This is an important element of your Progressive policy you’re going to want to iron out before you commit.
• Additional computer coverage: Added laptop coverage protects against accidents, not wear and tear. At $15 more per year, this is a great deal. But not all Progressive plans I found come with it. If covering your gadgets is a must, you may need to consider Progressive’s separate (and more expensive) phone and electronics device insurance (more on that below).
• Defamation: Do much trash talking? Defamation coverage, which protects you if someone sues you for libel or slander, only costs about $5 per year. I left it off my policy, but you may consider leaving it on if you’ve got kids. You know, TikTok feuds can get ugly.
• Identity theft: I can live without insurance for my big mouth, but I can’t live without identity theft protection, not with the recent stats on ID fraud I caught from the FTC.1 Progressive has teamed up with IDnotify, one of the best ID theft monitoring providers on the market. IDnotify plans start at $9.99 per month. Progressive charges only $28 per year for the service. That math looks good to me.
• Water backup: According to the folks at Home Advisor, who repair water damage for a living, water backups can cost homeowners anywhere between $1,213 and $5,168 to fix.2 Ouch. With Progressive, $5,000 worth of coverage cost me an extra $45 per year. That’s a pretty good value for the money, I’d say.
• Service lines: If a municipal gas, power, or telephone line goes sideways, and it’s on your property, repairs are on you. Not fair, for sure, but that’s how it goes. As with water damage, repairing service lines isn’t cheap. Neither is the extra coverage. It will add about $100 to your yearly premium.

Progressive Home Insurance Rates

My quote from Progressive’s Homesite came out to about $143 per month.

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 Premiums vs. the Median U.S. Premium

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.

Progressive Premiums vs. the Competition

Average Monthly Cost – Progressive

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.

Other Types of Insurance

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.

Identity Theft

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.

Home Security

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 2023.) 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.

Phones and Electronic Devices

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.

Auto

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 Bundles

Flo won’t actually help you build your Progressive bundle, but it’s nice to see a familiar face.

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.

Progressive’s Special Discounts

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.

• Home and auto bundles: Progressive claims customers save an average of 4 percent on their premiums for bundling home and auto insurance. Not as high as Lemonade’s 10 percent, or the $480 I would have saved on a State Farm bundle, but nothing to balk at either.
• New home: Have a brand-new home? Your Progressive premium will be cheaper.
• Protective devices: Secure door locks, fire and burglar alarms, and a sprinkler system will literally knock between 10 and 20 percent off your home insurance premium from the get-go.
• Progressive contractor networks: Most of us work with contractors we know or meet on referral, but, who knows, this could be an incentive to work with a Progressive contractor on your next repair.
• Paperless payments: Going paperless isn’t just one fewer bill to mail; it’s a few dollars off your bill.
• PerkShare^®: PerkShare is basically a coupon book of special deals for Progressive customers, many of them useful (moving service and auto rental discounts, satellite TV offers, and restaurant vouchers, to name just a few). Some less so (Kurgo dog travel accessories).

Overall Value

Progressive is constantly evolving and innovating. 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.

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.

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