PRODUCT: Progressive Home Advantage
COMPANY: Progressive/American Strategic Insurance (admitted)
BEST RATING: Progressive A+; American Strategic A ($473 million in written premiums)
AVAILABILITY: Progressive works with appointed independent agents. For a possible company appointment, log on to progres siveagent.com.
FOCUS: Progressive, the nation’s largest independent agency market for personal auto with $7.6 billion in written premiums, boosts its use of personal lines property specialist American Strategic Insurance for homeowner protection that is accessed by some 1,700 of the Ohio-headquartered company’s 35,000 independent agents. Look for more of Progressive’s independent agency force to place homeowners insurance through ASI, but no figures or timeline have been set for that, according to David Pratt, Progressive’s preferred marketing business leader. Progressive and ASI, which have been working together for about three years, each purchased stock in the other company with the expectation of bundling homeowners and private passenger auto coverages to serve overall account needs of “tens of thousands” and, at the same time, increasing new business opportunities for independent agents, Pratt adds.
UNDERWRITING: Progressive writes private passenger automobile monoline, but homeowners is only offered to Progressive auto insurance customers. The carrier puts together homeowners contracts on a replacement cost basis. The standard policy covers 100% of the replacement cost, but for an additional charge the amount of protection can be up to 150%. Minimum deductibles run $500. Coin or stamp collections, fine arts, jewelry, artwork and other personal possessions may be scheduled. Progressive provides paper for umbrella of up to $5 million, with the amount depending on location and other underwriting factors. Coverage is available for secondary homes and rental property as well as flood protection. Progressive also offers a single deductible option when it packages homeowners and auto protection.
MINIMUM PREMIUM: Varies by risk.
TARGET: Progressive favors homeowners with good driving records and proof of prior insurance with no lapses in coverage.
COVERAGE TERRITORY: Alabama, Arizona, Colorado, Connecticut, Delaware, Georgia, Illinois, Louisiana, Maryland, Minnesota, North Carolina, New Jersey, Nevada, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Virginia, Washington and Wisconsin.
CONTACT: Dave Pratt, preferred marketing business leader, 440-395-5252; dpratt@progressive.com; or Tricia Frydl, product specialist—homeowners group, 440-395-7105; tfrydl1@progressive.com; 300 North Commons Boulevard, Mayfield Village, Ohio 44143.
Ron Lent is an IA contributor.
