Progressive Home Insurance
Progressive has been providing all-inclusive insurance solutions for businesses and individuals for more than a decade, and is known for offering some of the best home insurance policies available. A progressive home insurance policy will ensure that you'll never have to pay for unnecessary expenses related to home repair due to damages caused by natural disasters or vandalism. In addition, most home insurance policies will help you protect the belongings within your house as well. Progressive offers home insurance policies through their progressive home advantage set, which offers plans that are underwritten by professional insurance agents, offering a diverse range of solutions to homeowners and renters alike. A progressive home insurance policy will not only protect the physical structure of an estate, but also all of the contents within the property, such as furniture, landscaping, and in some cases even highly valuable items like jewelry collections and expensive electronics.
Types of Progressive Home Insurance
There are three main types of progressive home insurance policies – homeowners 1, homeowners 2, and homeowners 3 – respectively referred to as HO1, HO2, and HO3. A homeowners 1 policy is the most basic, offering protection for 11 types of perils including but not limited to fire/lightning, vehicular damage, windstorm/hail, explosions, smoke, vandalism, theft, and glass breakage. A Homeowners 2 policy provides additional coverage, ultimately covering 18 types of perils total, including building collapses, frozen plumbing/air-conditioning systems, damage to hot water heating systems, and damage caused by electrical appliances. A homeowners 3 policy provides complete protection for all of the aforementioned possible perils, as well as any other type of peril excluding earthquakes, floods, nuclear disasters, and war (each policy has different terms governing these unique perils).
Important Progressive Home Insurance Terms
Before comparing prospective Progressive Home Insurance plans there are several definitions and terms that you should become familiar with. Including but not limited to – appraisal, claim, cancellation, deductible, liability coverage, peril, and premium. A claim is a reimbursement request issued by a policyholder, in which they request an insurance payment for damages that are covered within their policy. An appraisal is simply an evaluation of a claim made by a professional agent, who determines the true cost of the damage done and devises a suitable claim payment amount. A cancellation is the unexpected termination of coverage by an insurance provider or policyholder during the plan term. The deductible is the amount of money that the policyholder must contribute before their claim can be fully met. Liability coverage provides assistance in the event that a property owner is sued for negligence or other liability issues outlined within the policy. A peril is an event that causes damage to the property or the belongings therein. The premium is basically the rate that needs to be paid on a monthly or annually basis to keep the policy active.
Assessing How Much Home Insurance is Needed
There are several factors that should be considered when assessing exactly how much insurance is necessary, including but not limited to the value of your property, the type of regional natural distasters that your home is prone to, and your monthly/annual budget. There are three main types of homeowners insurance – those that provide coverage for the actual cash value of the property, those that provide coverage for replacement costs without depreciation considered, and those that cover a predefined guaranteed replacement cost. Policies that provide coverage for a guaranteed replacement cost usually have no set dollar limit and are instead restricted to no more than 120% of the professionally appraised replacement costs.