Progressive Reminds Renters to Lock Up!

New survey finds that renters, on average, left their doors
unlocked more than once a month in the past year

MAYFIELD VILLAGE, Ohio–(BUSINESS WIRE)–Locking the door behind you when you leave your home or apartment may
seem like a no brainer, but according to a recent survey of 1,000
renters conducted by the Progressive® Group
of Insurance Companies1, renters admit to leaving their doors
unlocked an average of 16 times in the past year. What’s more, theft is
the most common renter’s insurance claim at 45 percent and with an
average claim value of $1,800, according to the experience of American
Strategic Insurance, a majority-owned subsidiary of Progressive and one
of the companies that writes renters insurance through the Progressive
Home Advantage® program.

However, more than 3 in 5 renters (68%) don’t have insurance, including
72 percent of Millennials. So, why aren’t renters buying insurance? A
quarter (25%) of survey respondents think renters insurance is too
expensive, when it can actually cost less than $20 per month. Beyond
price concerns, 17 percent think the chances of something happening are
slim, and 13 percent think they live in a secure building.

“There is a clear need to provide renters with better information so
they can make a smart choice on renter’s insurance,” said Heather Day,
general manager for Progressive Home Advantage. “From knowing the value
of their belongings to what’s covered, we want to raise awareness to
protect renters. With policies available at less than $20 a month,
insurance should be an easy ‘yes’ for most renters, but many are still
uncovered.”

It’s a material world…renters choose belongings over roommates

It’s clear that Americans value their things – maybe even a little more
than their roomies. More than half of renters (62%) would rather live
without their favorite roommate than their belongings.

Undervaluing belongings is another common mistake made by renters across
the country. To ensure renters are fully protected, Progressive suggests
the following tips for taking proper inventory of your belongings:

  • Create a digital inventory. Create a spreadsheet of your
    belongings, especially larger purchases, by tracking receipts. This is
    a great way to track value and retailer information should anything
    happen.
  • Snap pictures. Along with your inventory, photos are an
    easy way to keep track of your belongings over the years. Snap
    pictures from your phone or digital camera as you’re unpacking to save
    even more time. Consider saving the images to a cloud-based server so
    they don’t disappear if your personal technology is stolen.
  • Take a virtual tour. As an added visual, walk through while
    videotaping each room, narrating some of the most notable and valuable
    belongings. It’s a great back-up to the receipts and photos you’ve
    already collected. Don’t forget to open drawers and closets!
  • Don’t overlook your wardrobe. When calculating how much
    coverage you need for renters insurance, you may be forgetting your
    most valuable asset…what’s in your closet. Adding up the estimated
    value of all the clothes, shoes and accessories you’ve accumulated
    throughout the years could prove more valuable than all of your
    electronics.

There are even misconceptions when it comes to keeping those valued
belongings safe. More than 1 in 5 renters (22%) think that if their
roommate has renters insurance, it will automatically cover their
belongings. In reality, unless the items are considered “shared goods”
you’ll want to consider taking out separate policies.

Outside the Apartment Walls

Not surprisingly, there is a large knowledge gap in what’s covered and
what’s not under a renter’s insurance policy. The majority of renters
with insurance (93%) could not correctly identify the various scenarios
a policy covers – that list included items stolen from your car when
you’re not home (72%), costs for a hotel stay and meals away from home
while any apartment damages are being repaired (72%) and an injury to a
visitor at your place (63%).

For more information and an infographic detailing these and other
insights, visit: http://at.progressive.com/everything-insurance/attention-renters-weve-got-you-covered.
To learn more about renters insurance, visit https://www.progressive.com/renters/
or talk to your local
Progressive agent
.

1Survey Methodology: The Progressive Renters Survey
was conducted by Wakefield Research (www.wakefieldresearch.com)
among 1,003 U.S. renters ages 18+, between July 24th and July 30th,
2015, using an email invitation and an online survey. Quotas have been
set to help ensure reliable and accurate representation of U.S. renters
ages 18+. Results of any sample are subject to sampling variation. The
magnitude of the variation is measurable and is affected by the number
of interviews and the level of the percentages expressing the results.
For the interviews conducted in this particular study, the chances are
95 in 100 that a survey result does not vary, plus or minus, by more
than 3.1 percentage points from the result that would be obtained if
interviews had been conducted with all persons in the universe
represented by the sample.

About Progressive

The Progressive Group of Insurance Companies makes it easy to
understand, buy and use auto
insurance
. Progressive offers choices
so consumers can reach us whenever, wherever and however it’s most
convenient—online at progressive.com, by phone at 1-800-PROGRESSIVE, on
a mobile device or in-person with a local agent.

Progressive provides insurance for personal and commercial autos and
trucks, motorcycles, boats, recreational vehicles, and homes. Home
insurance is underwritten by select carriers, including our
majority-owned subsidiary, American Strategic Insurance (ASI).

Progressive is the fourth largest auto insurer in the country; a leading
seller of motorcycle
and commercial
auto insurance
; and through ASI, one of the top 20 homeowners
carriers. Progressive also offers car
insurance online
in Australia at http://www.progressiveonline.com.au.

Founded in 1937, Progressive continues its long history of offering
shopping tools and services that save customers time and money, like Name
Your Price®
, Snapshot®
and Service
Centers
.

The Common Shares of The Progressive Corporation, the Mayfield Village,
Ohio-based holding company, trade publicly at (NYSE:PGR).

Contacts

Progressive
Steve Kaczynski, 440-395-1008
Stephen_J_Kaczynski@Progressive.com