Most landlords require tenants to purchase a renters insurance policy. It provides valuable coverage for the following:
- Personal property coverage, which can help you replace your belongings if they are stolen or damaged by a covered peril
- Additional living expenses coverage, which can help pay for alternative accommodations if your apartment becomes uninhabitable
- Liability coverage, which pays for legal expenses and other costs associated with an accident or injury that occurs in your home or is caused by you or your pet
Without this protection, you could be on the hook for thousands of dollars if the unexpected occurs. Fortunately, a renters policy is very affordable. The average premium is just $180 per year, and you could potentially pay even less if you shop around for the best rate.
Insurify’s artificial intelligence technology will deliver quotes from up to 20 different providers in one place, so you can identify the best deal in auto insurance, homeowners insurance, or life insurance without any research on your part.
If your property manager is partnered with ePremium, it’ll probably provide the easiest path to securing rental insurance online since the enrollment process is convenient and your approval is guaranteed. But there are some drawbacks. To find out if ePremium is the right carrier for you, continue reading our ePremium insurance review.
ePremium Renters Insurance: The Basics
ePremium bills itself as the gold standard for renters insurance. ePremium renters policies aren’t as customizable as plans you can get with other providers since property managers set the coverage limits and deductibles. But that’s not a concern if the policy meets your needs.
Depending on the renters insurance program chosen by your property management company, ePremium may pay either the actual cash value of your belongings after depreciation or the replacement cost of your items, which comes with a higher premium.
What does ePremium renters insurance cover?
ePremium provides contents coverage that protects your personal belongings against most perils, liability coverage to help with legal expenses and medical payments, and loss of use coverage if your apartment becomes uninhabitable. ePremium also offers some attractive add-ons:
- Identity theft coverage
- Water backup protection
- Pet damage coverage for your unit, which is included in many policies at no cost
- Bed bug remediation coverage, which is included in many policies at no cost
- Earthquake coverage in California
ePremium also offers security deposit insurance, which can help you move into an apartment with lower up-front costs. The insurance product is known as eDeposit, and it’s included in the ePremium RentersPLUS package. You’ll pay a one-time, low-cost premium in exchange for the provider covering your security deposit, which can help free up cash for moving costs and other expenses.
Special Deals and Discounts
Unlike other insurance companies, ePremium does not offer bundling discounts, safety discounts, or payment discounts. And you won’t be able to reduce your monthly premium by raising your deductible or lowering your limits, since these are determined by your property manager.
Where does ePremium offer renters insurance?
ePremium offers renters insurance in all 50 states, but policies are only available for residents of apartment communities that partner with ePremium.
ePremium Renters Insurance Ratings
|J.D. Power||Not rated|
|A.M. Best||Not rated|
|BBB (Better Business Bureau)||A+|
ePremium Renters Insurance Customer Reviews
ePremium Insurance Agency, LLC, doesn’t write policies for customers, but rather connects management companies with Millennial Specialty Insurance (MSI), which uses several different insurers to do the underwriting. As a result, the claims process varies, and so does customer satisfaction.
ePremium doesn’t currently have any customer reviews on Trustpilot, Consumer Affairs, or the Better Business Bureau, and complaint data is different for each underwriter. A few of the underwriters ePremium uses have a complaint index above 1, which shows they’re receiving more than their market share of complaints from consumers.
|Cypress Property and Casualty||27.33|
|Great American Insurance Group||0.14|
|Trisura Specialty Insurance Company||0|
Average Cost of ePremium Renters Insurance
Pricing for ePremium is higher than for some other insurance companies. The average cost ranges from $11 to $22, depending on your state and your policy’s coverage limits.
By contrast, both Lemonade and Liberty Mutual offer renters insurance policies that start at just $5 per month. However, ePremium’s monthly premiums are comparable with those of leading insurers like GEICO and Allstate.
Positives and Negatives of ePremium Renters Insurance
Is ePremium renters insurance right for me?
If your landlord has partnered with ePremium, it’ll be incredibly easy to get a policy, and the security deposit insurance feature may be appealing to renters who are strapped for cash.
However, you should compare coverage levels and rates across insurers since many providers advertise lower premiums than ePremium Insurance. Consider your budget and your coverage needs when choosing the right renters insurance provider for you.
How to Get a Quote for ePremium Renters Insurance
Here’s how to get a quote for ePremium Renters Insurance.
ePremium Renters Insurance Contact Information
|Online form||Click here|
|Phone number||1 (800) 319-1930|
|Address||4770 Duke Drive, Suite 200
Mason, OH 45040
Customer service hours are Monday through Friday, 9 a.m. to 6 p.m. Eastern.
ePremium Renters Insurance FAQ
Should I buy ePremium renters insurance?
If you can’t afford your security deposit, ePremium offers an easy way to get around paying the full amount that could make it your top choice for renters insurance. But you’re not obligated to purchase an ePremium policy just because your property manager has partnered with the agency. So if you have the cash on hand, you should compare the cost of ePremium with quotes from other insurance companies. You might be able to get a cheaper policy that meets all your insurance coverage needs.
What special deals and discounts does ePremium renters insurance offer?
Unfortunately, ePremium doesn’t offer deals or discounts. Some other providers offer multi-policy discounts, safety feature discounts, claims-free discounts, and automatic or prepayment discounts.
What’s the best way for me to quickly and easily compare insurance quotes?
The best way to compare insurance quotes for home, life, and auto insurance is to use Insurify . You’ll only need to enter your information one time, and our artificial intelligence technology will get to work finding the best deals for your individual needs.
Conclusion: How to find the best and cheapest insurance quotes
While you’re shopping around for renters insurance, it’s a good idea to get quotes for your other insurance needs since you can apply any savings toward your renters insurance premium. For example, you can use Insurify to get car insurance quotes that could potentially save you hundreds of dollars.
It’s a good idea to check your rates with Insurify every six months since individual circumstances can change and so will your quotes. But don’t worry—you won’t need to carve more than 10 minutes out of your life to compare policies. That’s because Insurify uses your personal info to grab quotes from up to 20 providers on your behalf, customized for you. Try shopping with Insurify today!