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Homeowners insurance prevents you from having to pay for expensive repairs out of pocket when the unexpected occurs. Learn about the plans, prices, and reputations of two of the biggest names in the industry in this Progressive vs. State Farm home insurance comparison. Both Progressive and State Farm homeowners insurance policies offer the six industry-standard types of coverage. However, State Farm has more overall coverage options, while Progressive has more affordable insurance rates. To learn more about the characteristics of each company and determine which one offers the best homeowners insurance, read our Progressive vs. State Farm home insurance comparison. *State Farm coverage information according to The Zebra **Based on sample quotes our team received Progressive vs. State Farm Home Insurance Coverage ComparisonProgressive and State Farm have standard home insurance policies that include dwelling, other structures, personal property, loss of use, liability, and medical payments to others coverage. However, State Farm offers more add-on options than Progressive. Progressive CoverageTo determine your dwelling coverage, Progressive uses the rebuilding cost of your home, which is generated by asking you questions about how your house was built. A percentage of dwelling coverage is then used for other structures, personal property, and loss of use protection. Note: Our team was unable to receive liability, medical payments, and deductible coverage options over the phone. We recommend reaching out to Progressive to learn more about your options. Progressive offers two endorsements for more comprehensive coverage:
State Farm CoverageSimilar to Progressive, State Farm uses your home’s rebuilding cost for dwelling coverage and a percentage of dwelling coverage for other structures, personal property, and additional living expenses coverage. Note: These figures are based on a sample quote our team received from State Farm. To compare your coverage options, contact your local State Farm agent. Here’s a list of State Farm endorsements you can add to your policy:
Progressive vs. State Farm Home Insurance Cost ComparisonThe national average for homeowners insurance was $101 per month in 2017, according to the Insurance Information Institute. However, this figure may vary by person and by home. Here are a few factors that may affect your insurance premium:
We requested insurance quotes from Progressive and State Farm to see how they compare to the national average. Progressive CostProgressive estimated our rebuilding cost to be $285,000, which was then used to calculate dwelling, other structures, personal property, and loss of use coverage. We selected standard liability, medical payments, and deductible amounts. Here’s a list of the discounts you may be eligible for from Progressive:
State Farm CostState Farm’s quote process looks similar to Progressive’s and includes questions related to the rebuilding cost of the home, followed by questions about liability, medical payments, and deductible amounts. *Quote and pricing information according to The Zebra State Farm offers three discounts to help customers lower their premium:
Our ConclusionAfter reviewing Progressive and State Farm, we recommend Progressive for homeowners on a budget and State Farm for homeowners who need more coverage than what a base policy offers. The sample quote we received from Progressive was lower than the national average and lower than Allstate, which is notable because the rebuilding cost with Progressive was higher. A higher rebuilding cost means you get more dwelling, other structures, personal property, and loss of use coverage at a lower rate. The biggest drawback of Progressive is that it uses underwriting companies and acts as a third-party seller for those policies. For example, a Progressive policy in one state may not look the same as one in another because the underwriting company may be different in both states. If you want more than the six main types of coverage provided in your homeowners insurance policy, State Farm may be a better option. The company has 11 endorsements, including the two that Progressive offers, and unique add-ons like service line and home system protection. A major flaw that both companies share is the quote process. Neither company allows you to complete the quote process online. After answering questions about yourself and your home on each company’s website, you’re prompted to talk to an agent over the phone. Not only does this add time onto the quote process, but it also makes it difficult to quickly view your coverage amounts and endorsement options. Before deciding which insurance carrier you want to purchase a policy from, start quotes from both companies with the tool below. FAQs About Progressive and State Farm Home InsuranceHow can I lower my home insurance rate? Here are a few ways to save money on a policy:
Do I need to reapply for homeowners insurance every year? Most of the time, you will qualify for re-enrollment for the policy you had the previous year. Here are a few situations where you or your provider may choose not to renew your policy:
Does homeowners insurance cover roof leaks? Yes. If your roof leaks and causes water damage to your home, your insurance company will pay for any repair or replacement costs. However, your insurance company will likely not pay to replace the roof that caused the damage in the first place. To share feedback or ask a question about this article, send a note to our Reviews team at [email protected].
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September 2020
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