Paul Sanchez
The cost of homeowners insurance from Progressive is determined by several factors, including the location, type of home, roof construction, and prior claims. The location of the home can impact the price, with coastal properties, homes near woods, and properties in high-crime areas often costing more to insure. The type of home and construction materials used can also affect the price, with concrete block homes typically costing less to insure than wood frame houses. In addition, the cost of homeowners insurance can depend on the coverages and deductibles selected, with higher coverage limits resulting in higher insurance rates. Progressive offers a HomeQuote Explorer tool that allows customers to compare rates and coverages from multiple companies side by side.
| Characteristics | Values |
|---|---|
| Location | Coastal properties, crime rates, proximity to woods and brush, and proximity to a hydrant and fire department can all impact the cost of insurance |
| Type of Home | Construction materials, siding type, flooring materials, heating type, and roof type can all impact the cost of insurance |
| Prior Claims | Multiple losses can lead to a higher rate |
| Coverages and Deductibles | The selected coverages and deductibles will impact the cost |
| Business Usage | Running a business out of your home may result in higher rates or ineligibility for coverage |
| Animal Liability | Coverage for animal liability, such as dog bites, may increase the cost |
| Discounts | Discounts may be available for security features, purchasing a new home, or bundling home and auto insurance |
| Calculation Tools | Progressive offers online calculators to estimate coverage limits and compare rates and coverages |
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What You'll Learn
Home location and type
The cost of homeowners insurance from Progressive depends on several factors, including the location and type of home.
Location
Location is a significant factor in determining the cost of homeowners insurance. Homes in coastal regions may be riskier to insure due to the higher likelihood of natural disasters, resulting in higher premiums. Crime rates in your ZIP code can also impact your insurance rates, as areas with higher crime rates may lead to increased theft claims. Additionally, homes located near woods and brush are more susceptible to wildfires and tree damage, affecting insurance costs. The proximity to a fire hydrant and fire department is another consideration, as easier access to water sources can help lower insurance rates.
Home Type
The type of home you own also influences your insurance rates. The construction materials used, such as concrete blocks or wood frames, can impact the cost. Concrete block homes may be cheaper to insure than wood frame houses as they are more resistant to fires and strong winds. The siding type, flooring materials, and heating methods are also considered when determining insurance rates.
Roof type and construction play a crucial role in insurance costs. Asphalt shingle roofs, for instance, are less flammable and may result in lower insurance rates compared to cedar or wood-shake roofs. Hip roofs, which slope downwards on all sides, are more resistant to wind damage and can help lower insurance costs, whereas gable roofs are more prone to wind damage.
The age of your home is another factor that can influence insurance rates. Older homes may have higher insurance costs due to the potential for more significant maintenance issues and outdated construction materials.
Additional Factors
In addition to location and home type, other factors that can influence the cost of homeowners insurance include:
- Coverage limits: The amount of dwelling coverage, or Coverage A, is the main factor determining the cost. Higher coverage limits will lead to higher insurance rates.
- Prior claims: A history of insurance claims can increase your insurance rates, especially if you have made frequent or substantial claims.
- Credit score: In most states, insurers use credit scores to set premiums, and a poor credit score can lead to higher insurance rates.
- Business use: If you run a business from your home, you may pay higher insurance rates or require a separate policy, depending on the nature of your business.
- Attractive nuisances: Features like trampolines and swimming pools may increase your liability and result in higher insurance costs.
- Discounts: Various discounts are available, such as those for smoke detectors, burglar alarms, and monitored security systems, which can help lower your overall insurance costs.
The average annual cost of Progressive home insurance is $2,648, but rates can vary significantly based on the specific factors mentioned above. Progressive also offers a "Name Your Price" tool, allowing customers to name their preferred price and find coverage within their budget.
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Roof construction
The cost of a homeowners insurance policy is determined by several factors, including location, type of home, roof construction, and prior claims. Roof construction includes the roof's age, material, shape, and durability.
The age of your roof is a factor in determining the cost of your homeowners insurance. Older roofs may be more susceptible to damage and pose a greater risk of leaks and water-related damage, which can increase the cost of your insurance. Conversely, a newer roof made of durable materials, such as metal or slate, may result in a lower insurance cost.
The material used for your roof is another important consideration. Slate, tile, concrete shingle, or metal roofs offer better protection against weather perils than wood roofs. For example, slate is resistant to fire, rot, and insects, while tile provides quality insulation and won't rot or burn. On the other hand, wood roofs are not fire-resistant, and some insurance companies may not cover them or may require the application of a fire-retardant protectant. Asphalt shingles are less flammable than wood shakes and may result in lower insurance costs.
The shape of your roof can also impact your insurance rate. Roofs that slope on all four sides, such as hip roofs, are adept at withstanding high winds and heavy storms, which may lead to a lower insurance rate. Gable roofs, with two sloping sides, can be more affordable, but they are more susceptible to wind damage. Flat roofs have less effective drainage and a shorter lifespan, increasing the risk of leaks and water damage, which can negatively impact your insurance rate.
In some cases, upgrading to a more durable roof or replacing an old roof can lower your insurance rate. Impact-resistant shingles, such as Class 4 asphalt shingles, can help decrease the cost of homeowners insurance by reducing the risk of weather-related claims.
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Previous claims
When determining the cost of homeowners insurance, insurance companies will consider any claims you have previously filed. If you have filed multiple claims, you will likely pay a higher rate as you are more likely to file or incur another claim. This is because prior claims history is one of the factors that can influence how much you pay for homeowners insurance.
In addition to the number of prior claims, the type of claim can also affect the cost of your insurance. For example, if you have previously filed a claim for damage caused by a natural disaster, such as a flood or wildfire, your insurance rate may increase. This is because homes in certain regions or locations are riskier to insure than others due to a greater chance of natural disasters. For example, homes in coastal regions or near woods and brush are more susceptible to damage from natural disasters, such as floods, wildfires, or falling trees. As a result, the insurance company may view these homes as a higher risk to insure and may charge a higher rate.
Similarly, the crime rate in your area can also impact your insurance rate if you have previously filed theft claims. If you live in an area with a high crime rate, your insurer may determine that you are more likely to file a theft claim for stolen personal property in the future. As a result, your insurance rate may be higher compared to someone who lives in an area with a lower crime rate and has a similar claims history.
It is important to note that the impact of prior claims on your insurance rate can vary depending on the specific circumstances and the insurer's assessment of risk. Additionally, there may be other factors, such as the age and structure of your home, that can influence the cost of your insurance alongside your claims history. Therefore, it is always a good idea to review your policy and compare rates from different insurers to ensure you are getting the best coverage for your needs at a competitive price.
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Coverage options
Progressive offers standard homeowners insurance coverage, including protection for your home, other structures on your property, your belongings, and personal liability. Here are the key coverage options in more detail:
Dwelling Coverage
This insures your main home structure and any attached structures. It pays to repair or replace your home if it is damaged by a covered peril, such as a fire, tornado, or windstorm.
Other Structures Coverage
This covers detached garages, barns, fences, and other structures on the property that are not attached to the main dwelling. It provides protection for these structures if they are damaged or destroyed by a covered event.
Personal Property Coverage
Personal property insurance covers your personal belongings, including furniture, clothing, electronics, and appliances. It pays to repair or replace these items if they are stolen, damaged, or destroyed in a covered incident.
Personal Liability Coverage
This protects you financially if you or a member of your household is held responsible for someone else's injuries or damage to their property. It covers legal liability costs and injury recovery expenses related to events occurring on your property.
Guest Medical Payments Coverage
This covers the payment of medical expenses for non-household members who sustain injuries on your premises. It typically covers small amounts, up to a certain limit, such as $5,000.
Loss of Use Coverage
Loss of use coverage, or additional living expenses coverage, pays for extra expenses incurred when you cannot live in your home due to a covered loss. For example, if there is a fire in your home and you need to stay in a hotel while it is being repaired, this coverage will pay for your temporary living costs above what you would normally spend.
It is important to note that Progressive's coverage options may vary, and some additional endorsements or riders may be available depending on your location and specific needs. You can use their quoting tools and home insurance calculator to estimate your coverage needs and costs.
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Discounts and savings
Progressive offers a range of discounts and savings on homeowners insurance. One of the most prominent ways to save money is by bundling policies. Progressive offers multi-policy discounts for bundling home and auto insurance, as well as other policies such as boat, RV, renters, motorcycle, and more. By bundling, customers can save money and also benefit from having all their policies in one place, making them easier to manage.
Another way to save on homeowners insurance is to take advantage of various discounts offered by Progressive. For example, customers can get a discount for quoting at least 10 days in advance of their policy start date, having safety features like burglar alarms, fire alarms, security systems, or cameras installed in their homes, and purchasing a new home or switching from a renters policy. Additionally, customers with residences built in 2002 or later may receive policy credits and discounts, and those in Florida may qualify for an extra discount if their homes have Florida Building Code-certified roofs and/or wind mitigation updates.
The age of the home can also impact the availability of certain discounts. Newer homes may qualify for larger homeowners insurance discounts, while older homes may benefit from specific renovations and improvements that can help reduce the insurance rate. Customers can also consider increasing their deductible, adjusting their coverages to match their current needs, and reviewing their policies annually to ensure they are keeping up with market trends and taking advantage of any new discounts that may be offered.
Progressive also offers a HomeQuote Explorer® tool that allows customers to compare rates and coverages easily. By shopping around and comparing rates, customers can find ways to lower their homeowners insurance costs. Additionally, customers can save money by choosing to receive their policy documents via email and paying for their 12-month policy upfront.
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Frequently asked questions
The cost of homeowners insurance from Progressive depends on several factors, such as the location, type of home, roof construction, and prior claims. Progressive offers a free quote on its website, where you can input basic information about your home to receive a personalized quote.
The cost of homeowners insurance is influenced by various factors, including the home's location, construction materials, features, and previous claims. The location of the home, such as whether it is in a coastal region or an area with a high crime rate, can impact the risk assessed by the insurer. Additionally, the type of roof, siding, flooring materials, and heating system can affect the cost, as these factors relate to the risk of fire or wind damage.
Progressive offers a home insurance calculator to help estimate the coverage limits. The right amount of coverage is based on the cost to rebuild your home, the value of your personal property, and your assets. It is recommended to review your policy annually to ensure that you have sufficient coverage and to stay updated with market trends.
