Progressive Renters Insurance
Progressive Insurance Company provides renters insurance that is underwritten by other companies. Progressive renters insurance is currently available in all United States with the exception of Florida and Alaska. They provide online and phone services that allow you to find and choose the renters insurance policy that is best for your specific needs.
Renters insurance is very important for anyone who is currently renting a house, condominium or apartment. The insurance provides coverage for a number of risks. Those who own their homes have homeowners insurance coverage that will pay them for any personal belongings, furniture and other things that may be lost or damaged as a result of fire, flood or natural disaster. Renters insurance provides the same type of coverage with the exception of the home’s structure. Homeowners insurance pays for damages done to the actual home as well as the belongings inside. Renters insurance pays for only the belongings.
There are many different types of insurance policies designed for residents or renters. Some policies provide coverage for home renters while others cover losses for condominium owners. Renters insurance policies protect against damage from things such as fire and lightening, explosion, windstorms and hail, damages caused by aircraft carriers, riots and civil commotions, damages caused by vehicles, smoke, theft, vandalism, damages caused by the weight of sleet, snow or ice and various other risks such as overflow of water from household appliances and heating and cooling systems, damage from electrical currents and plumbing issues like freezing of pipes. Earthquakes and floods are typically not covered in basic policies so if you require this type of coverage you will need to speak with your insurance agent and purchase a policy that does offer coverage.
It is important that you know what your renters insurance policy covers. Again, Progressive renters insurance is provided through a variety of underwriters so each policy will not be exactly the same. You should read through a variety of policies to ensure that you get the specific coverage that you need. Pay strict attention to the payout value of the policy that you select. Some policies offer actual cash value while others offer replacement cost value. Actual cash value pays only for the cost of your personal property at the time that it became stolen or damaged. This could be much less than what you need to replace that property. For instance, if you purchased your refrigerator five years ago at $1,000, the insurance companies will deem it worth much less today. If you choose a policy that pays actual cash value you may only receive a couple of hundred dollars for your refrigerator if it is stolen or damaged. You may need to spend $1,000 to replace the refrigerator so you will actually be losing money. Of course, actual cash value policies are a bit less when it comes to monthly premiums so you should keep this in mind as well.
Replacement cost value will pay you the cost of replacing your personal property today after you have taken out your deductible. This means that for the same $1,000 refrigerator, you will receive at least $1,000 to purchase a new one. Again, this coverage is a bit more expensive than actual cash value coverage so if your budget is an issue then you should consider the pros and cons of each type of policy. You can get quotes for Progressive renters insurance through their official website. They will offer you a form to submit and then match your requirements for coverage with insurance underwriters that can meet those requirements. You have the opportunity to choose the best coverage for your family’s needs while also selecting the lowest premium for the coverage that you require.