Progressive Renters Insurance Review: Cost & Service (2024)

The quality of service has a huge impact on customer satisfaction and retention in the insurance industry. Progressive ranks among MoneyGeek’s top picks for renters insurance based on its competitively priced policies and its financial stability ratings from AM Best.

However, the company received relatively low customer satisfaction ratings from J.D. Power and an above-median customer complaint index score from the National Association of Insurance Commissioners (NAIC). This means that Progressive had more complaints than normal, which could account for its low customer satisfaction ratings.

Progressive has a J.D. Power score of 3.72 out of five in MoneyGeek’s rankings. J.D. Power measures renters insurance customer satisfaction by examining five factors, including interaction, policy offerings, price, billing process and policy information and claims. The industry average is 848, and Progressive scored 816.

A company’s financial stability rating is a strong indicator of its ability to meet its financial obligations. Progressive earned an AM Best rating of 4.5 out of five in MoneyGeek’s analysis thanks to its A+ rating. This means that the company is able to meet its ongoing financial obligations.

Renters insurance costs an average of $159 per year for $20,000 of personal property coverage. A similar policy with Progressive costs $154.

Your actual cost may vary depending on the value of your personal property, which determines the limit that you should choose. Use MoneyGeek’s personal property calculator for a quick look at how personal property coverage impacts the premium of your Progressive renters insurance. Alternately, you can get a quote from Progressive directly.

The price of your renters insurance depends on your chosen coverage limit. Getting too little will offer inadequate protection for your assets while getting too much can be a waste of money. $20,000 in personal property coverage tends to be the sweet spot for most people. However, it is still best to find out how much you really need using our calculator below.

Progressive offers six discounts for renters insurance, which is above the industry average of five. Aside from commonly offered discounts in the marketplace like multi-policy discounts, Progressive policyholders can also enjoy rare perks such as discounts for choosing to receive documents by email, living in a gated community and having a single deductible when you bundle your renters and auto policies.

Progressive provides a wide range of coverage limits from $10,000 to $100,000 that are available in $5,000 increments. However, it only has two advertised coverages, which is below the industry average of seven. The company offers water backup and personal injury coverages, which are also commonly provided by competitors.

MoneyGeek outlines the two additional coverage options for a Progressive renters insurance policy. You can get coverage for water backup and personal injury as add-ons to your policy.

When shopping for renters insurance, you need to make sure that you’re getting all the standard coverages since not all of these are automatically included in a policy.

Depending on where you live, you might need coverage for damages caused by floods, earthquakes or insect/pest infestations. Don’t forget to read the fine print before purchasing a policy.

Progressive has worked to ensure that its policyholders have an improved customer experience and be better-informed consumers about its various insurance products.

Below are several tools provided for free by Progressive to policyholders and potential customers.

Progressive offers a wide range of insurance products and services in addition to renters insurance. These include vehicle insurance, property insurance and protection, personal insurance and services, business insurance and financial services.

You might be able to take advantage of multi-policy discounts when you purchase any of these options together with your Progressive renters insurance.

To evaluate Progressive’s quality as a renters insurance company, MoneyGeek analyzed Progressive’s website, manually collected quotes and consulted consumer intelligence organizations such as J.D. Power, the NAIC and AM Best.