Homeowners Insurance Comparison: Progressive vs GEICO

Always remember, not all homeowners insurance companies were created equal.

That doesn’t necessarily mean that one company is better than another, but rather every insurance company has a specific target homeowner that they prefer to work with.

Each insurance carrier, (Progressive and GEICO included), then sets up their package of coverages and their pricing to serve that specific type of homeowner.

This is how independent insurance agents, (like us here at Rogue Risk), are able to save you money while providing better overall coverage.

We match you and your specific needs to the insurance company that has designed their homeowner insurance policy to meet those needs.

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Progressive Vs GEICO

Progressive and GEICO are two juggernaut insurance brands famously know for their witty and unrelenting car insurance commercials. But in recent years, both Progressive and GEICO have added homeowners insurance to their portfolio of products.

Let’s breakdown down the homeowners insurance coverage for these two traditionally car insurance focused carriers… 

progressive insurance
geico insurance

Progressive was founded in 1937 and is headquartered in Mayfield Village, Ohio. 

Progressive is currently ranked No. 99 in the 2019 Fortune 500 list of the largest United States corporations by total revenue.

Standard Coverages

  • Replacement cost on building and personal property.
  • Temporary living expense reimbursement.
  • Personal liability coverage against injuries and lawsuits.
  • Medical payments in the event of injury.

Common Coverage Extensions

  • Water backup of sewers and drains.
  • Personal injury associated with libel or slander.

Discounts

Here is a list of the most common discounts offered on Progressive homeowners’ insurance:

  • Home & Auto Bundle Discount
  • Quote in Advance Discount
  • Alarm Systems & Safety Devices Discount
  • New Purchase Discount
  • Pay in Full Discount
  • Paperless Discount
  • New Construction Discount

Insider Opinion

Progressive is solid player in the insurance marketplace. Their signature branding campaigns create consistent demand for auto, home and commercial products.

Progressive is a highly data driven company with excellent leadership and a focus on the future. Over the last few years they’ve dialed in their rates and emphasized preferred business, tailoring their product to meet the needs of the modern consumers.

Additionally, Progressive’s acquisition of homeowners group, ASI, brought their homeowners insurance product in-house, which is a major advantage for Progressive over a company like GEICO who does NOT write their own home insurance product.

GEICO was founded in 1936 and is headquartered in Washington, DC.

GEICO was ranked the #2 writer of private passenger auto insurance by direct premiums written in 2018.

Standard Coverages

  • Replacement cost on building and personal property.
  • Jewelry coverage for valuable items beyond standard limits.
  • Personal liability coverage against injuries and lawsuits.
  • Medical payments in the event of injury.

Common Coverage Extensions

  • Water backup of sewers and drains.
  • Personal injury associated with libel or slander.

Discounts

Here is a list of the most common discounts offered on GEICO homeowners’ insurance:

  • Home & Auto Bundle Discount
  • Alarm Systems & Safety Devices Discount
  • New Purchase Discount
  • Pay in Full Discount
  • New Construction Discount

Insider Opinion

GEICO is known first and foremost for their commercials. These branding campaigns have traditionally focused on GEICO’s car insurance products which have grown in popularity as a “Cheap” option for young drivers.

In recent years, GEICO has added additional products including renters, motorcycle, RV and now homeowners insurance.

The major drawback to GEICO homeowners insurance is that you are NOT buying a GEICO product. Per their website:

“Homeowners coverages are written through non-affiliated insurance companies and are secured through the GEICO Insurance Agency, Inc.

The information you provide will be shared with our business partners so that they can return a quote.”

This means a GEICO insurance agency is placing your business with a different carrier.

The Rub

As mentioned at the beginning of this comparison, not all homeowners insurance policies are created equal. You need to pick the carrier and coverage that fits your unique needs.

This is the advantage of working with an independent insurance agency with access to multiple carriers and a deep knowledge of products you need to product yourself and your family.

Rogue Risk would love to be your agent.

If your current insurance professional has never addressed such things with you before, then I’d encourage you to reach out to us today.

I look forward to introducing you to a new way of viewing your personal insurance program.

Thank you,

Ryan Hanley

 

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