Progressive Home Insurance Review: From an Industry Expert on Home Insurance - YA
Progressive Homeowners Insurance
Since 1937, Progressive has been a trailblazer when it comes to the auto insurance market. The carrier has spent 80 years developing unique discounts, providing convenient consumer tools, and offering competitive rates in all 50 states.
Progressive’s impressive receipts of $23.44 Billion are mostly generated from their car insurance policies. Home insurance is only a small percentage of that revenue, but that share is growing. So does Progressive’s innovation in auto extend to homeowners insurance? You bet!
Progressive entered the home product by acquiring American Strategic Insurance (ASI) and rebranding the product to Progressive Home Advantage.
Rest assured, both companies operate on a solid financial foundation. ASI maintains an A+ (Superior) A.M. Best Rating as well as Progressive: A+ (Superior) A.M. Best Rating.
This replaces Progressive's previous offering in Home Insurance (via Homesite). Homesite's poor reviews and low claims satisfaction forced Progressive into bringing their own homeowners solution in-house - to the benefit of you, the customer! ASI is a big step in the right direction.
The good news is Progressive uses the same ISO standard form as the rest of the industry so you can compare apples to apples. Progressive has an affordable way to add on extra coverage to your policy as well. The HomeShield Package or HomeShield Plus Package offers extra coverage at hugely discounted rates:
25% Increased Replacement Cost
$5,000 Water Backup and Sump Overflow
$2,500 Loss Assessment
$3,000 Jewelry, Watches, Furs
$2,000 Credit Card, Forgery, Counterfeit Money
$750 Fire Department Service Charge
Note: Can vary slightly state by state
HomeShield Plus Package
50% Increased Replacement Cost
Special Personal Property Coverage
Personal Property Coverage Limit = 70% Coverage A (Dwelling)
$10,000 Water Backup and Sump Overflow
Identity Management Coverage
$5,000 Loss Assessment
$5,000 Jewelry, Watches, Furs
$4,000 Business Property on Premises
$3,000 Credit Card, Forgery, Counterfeit Money
$1,000 Fire Department Service Charge
Note: Can vary slightly state by state
Deals, my dude.
Claims is a great measurement of value when purchasing home insurance. After all, if you faithfully pay your premiums, then you want to know your fire, theft, or windstorm claim will be handled properly.
Progressive (via ASI) makes it easy for their clients to file a claim online or by calling 866-274-5677. Both options allow you to report a claim whenever disaster strikes whether day or night, weekends, or holidays.
The carrier guarantees a claims adjuster will contact the client within 48 business hours of the initial claims submission.
We already know Progressive has the financial resources available to pay claims. So how well does Progressive perform when it comes to claims service?
Consumer Affairs awarded Progressive home insurance with 3.8 stars on a 5.0 scale. Looking closer at the feedback indicated most of the 1.0 star reviews (29% of the total consumer reviews submitted) were related to the Homesite claims process. This will drastically improve with ASI stepping up to the plate. If you look at more recent reviews, it seems they are trending above the 4 star level. Great progress!
Where is Progressive Available? (everywhere)
Overall, Progressive provides a solid homeowners insurance package with reasonable rates. ASI was a smart acquisition and will give future Progressive customers a better option than the previous option: Homesite. With the rebranding to Progressive Home Advantage, Progressive is more equipped than ever to serve your insurance needs. So if you are looking for homeowners insurance that’s affordable with comprehensive coverage, you may want to consider Progressive. Oh ya, they have bundling discounts too!
Check your Progressive home quotes, and so much more:
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Disclosure: Progressive is one of the many options Young Alfred offers for home insurance. Young Alfred did not receive any compensation or direction from Progressive in writing this review.