Progressive Renters Insurance Review
Our Progressive renters insurance review helps protect college students when they are away from home for the first time. When college students leave home, part of their home goes with them. The average college dorm room or apartment contains several valuable possessions, including laptops, cell phones, gaming systems, jewelry, and more.
For college students, this first taste of freedom also comes with the responsibility of protecting their possessions. Securing Progressive renters insurance may be a great option for college students to protect their valuables while living away from home.
Progressive is already one of the most well-recognized insurance companies in the industry today. This article will focus on the key features and benefits of Progressive renters insurance so that you can make the right choice for your college years.
Do College Students Need Renters Insurance?
Renters insurance is designed to cover the personal property of a renter. This arrangement means that while renters insurance won’t cover the structure of the residence or garage, it will provide coverage when items are damaged, vandalized, or stolen.
The exact terms of each policy can vary, but renters insurance generally covers the following:
Personal Property Coverage
This aspect of the policy covers your personal property from problems or damage such as fire, smoke, falling objects, theft, vandalism, or other peril specified by your insurance carrier. It also applies to bicycles that are stored on or off-campus.
This coverage kicks in if you accidentally damage someone else’s property or injure someone else, such as when someone slips and falls in your apartment. Liability coverage will also pay for legal fees if you’re ever sued. This type of coverage is required for all renters insurance policies.
Additional Living Expenses
If you’re unable to remain in your home due to damage (such as from a fire), this policy provision will cover additional living expenses such as hotel rooms, meals, and laundry services.
Different insurance carriers offer additional coverage terms as well. Below, we’ll cover the specific coverage offered by Progressive Insurance.
Does Homeowners Insurance Cover College Students?
Some homeowners insurance policies offer a sub-limit for belongings away at school. This limit is usually 10% or $10,000, whichever is greater. In other words, if a student’s parents have a $200,000 insurance policy, then $20,000 worth of the student’s belongings are covered.
Many college students will find that they need a greater level of coverage, which is why renters insurance can be a wise investment for students.
About Progressive Renters Insurance Coverage
Progressive offers a renters insurance policy that includes all three standard coverage types listed above. Renters may also add additional coverage types, including:
Home Computer Coverage
This coverage provides additional, specialized protection for your computer and related equipment. It also extends to business use, which may be particularly important if college students use their personal computers for a job or an internship.
This provision extends liability coverage considerably, covering not only bodily injury but such offenses as:
- Defamation of character
- Invasion of privacy
- Wrongful eviction
- Wrongful entry
- False arrest
- Detention or imprisonment
These events are not covered by traditional liability coverage, adding value and protecting against all possible lawsuits.
Water Backup and Sump Pump Discharge and Overflow
While Progressive renters insurance doesn’t cover damage due to floods, it will protect your personal property from damage caused by water backing up through sewers or drains, as well as water that backs up from a sump pump.
Homeshield R Package
This coverage increases the limits on certain types of items, including high-value jewelry, artwork, and certain types of collectibles (e.g., comic books, trading cards, and other memorabilia). The Homeshield R package also includes personal injury coverage as well as water backup/sump pump coverage.
Sample Quotes for Progressive Renters Insurance Coverage
One of the most important deciding factors in choosing an insurance policy relates to the premiums you pay. Like most insurance companies, Progressive renters insurance requires a monthly premium to maintain this policy.
The exact amount of your monthly premium depends on several critical factors, including:
- Your geographic location
- The type of residence (home, apartment, dorm, etc.)
- Whether you live in a gated community
- Your claims history
- The specific types of coverage you choose
- Whether you have pets
- Whether you bundle renters insurance with other Progressive policies
The following represent some quotes for Progressive renters insurance based on several geographic areas. Keep in mind that these policies can vary depending on the variables above, but these comparisons will use default coverage options that include:
- $20,000 in personal property coverage
- $0 in additional computer coverage
- $100,000 in liability coverage
- $1,000 in medical payments for others’ injuries
- A $500 deductible
These comparisons are also based on the yearly cost, which represents the lowest rates that Progressive offers. Those who wish to pay on a monthly or quarterly basis may do so, but the total cost will be higher as a result.
Sample Quote 1: NYC
Apartment dwellers in New York City can obtain a renters insurance policy for $237 annually, a price that is on par with the cost of living for NYC residents.
Students can add $3,000 of computer coverage for only $4 more ($241 per year), though increasing your personal property coverage to $30,000 results in an annual premium of $274.
Sample Quote 2: Texas
Dallas residents can receive insurance on their apartment for $150 per year, with rates not increasing for additional computer coverage ($3,000). However, if you live in one of Texas’ many secure apartment complexes, you only have to pay $140 each year.
Sample Quote 3: Virginia
Students attending school in Virginia can receive a renters insurance policy for only $110 per year, based on the coverage policies listed above.
The good news is that you can add $3,000 of computer coverage without changing this rate. Even if you increase your personal property coverage to $30,000, your annual rate will only rise to $116.
Sample Quote 4: Chicago
Residents of the windy city can receive renters insurance for $125 per year. Increasing the personal property coverage to $30,000 only raises this rate by $10 annually. Additionally, these rates stay relatively consistent regardless of whether you’re renting an apartment or townhouse, which provides some flexibility for students living away.
What Discounts Does Progressive Renters Insurance Offer?
Progressive customers can take advantage of several discounts. Students can save money by:
- Paying for one year of coverage upfront
- Getting a quote at least three days before the policy starts
- Living in a gated community (protected by a guard or passkey)
- Going paperless
Of course, Progressive also offers bundling options for those who already have other insurance policies through the company, which can be ideal for college students looking to pair their auto and renters insurance for added savings.
Limits to Progressive Renters Insurance Coverage
Progressive renters insurance is thankfully quite straightforward. Personal property coverage is available in amounts ranging from $20,000 to $100,000, and customers can choose any amount they like, in increments of $500.
Students can also purchase additional computer coverage in amounts ranging from $3,000 to $10,000, which covers the cost of the computer itself as well as any related equipment. Personal property coverage only covers $2,500 worth of electronic protection, so this can be a helpful addition for those with a hefty computer setup.
Liability from lawsuits and fees can be purchased in amounts ranging from $100,000 to $500,000. Medical liability coverage ranges from $1,000 to $3,000.
If you have specific valuables you wish to protect, you can purchase additional protection that extends the coverage limit for each item from $1,000 to $2,500, which can be important for jewelry or collectibles.
Deductibles for Progressive Renters Insurance Coverage
Progressive offers a standard deductible of $500, though students can also select a deductible of $250 or even $1,000. This setup provides some added flexibility, though other insurance providers offer deductibles as low as $100 in exchange for higher monthly premiums.
Keep in mind that typically renters insurance deductibles are per claim. For example, if you make a claim in April for $1,000 in damages, you’ll have to pay $500 to cover your deductible, and Progressive will provide the other $500. But if you need to make another claim in May, you’ll have to cough up another $500.
Even a deductible of $250 can be difficult for college students to find, so you’ll have to weigh the discounts Progressive offers against these costs.
Progressive Renters Insurance Claims Process
The Progressive claims process can be handled through their intuitive website or by phone.
However, Progressive relies on several other insurance companies to process their claims, including American Modern, Foremost, and Homesite. This variability means that you may need to contact the company handling the details of the claim.
Other Details About Progressive Renters Insurance
One of the greatest selling points for Progressive is that they offer a wide range of other insurance policies and emphasize the ability to bundle your policies together for additional savings.
This capacity means that college students may be able to save money by bundling their renters insurance with their car insurance, which can also make it more convenient and offer one less thing to stress about.
Get a Quote
Need to cover your belongings while away at school? Get a quote from Progressive today, and enjoy peace of mind all semester long.
Annie Johnson is a licensed insurance broker, specializing in auto, home and renters insurance products. She reviews insurance content on College Educated for accuracy and has a particular passion for making sure that college students and recent graduates have proper insurance coverage. Her latest passion includes researching all forms of business insurance, to ensure that recent college grads who look to entrepreneurship can have the right protection.