GEICO has been providing affordable insurance policies since 1936. Although they started with auto insurance, policy offerings have expanded to cover homeowners, businesses, and renters.
Rental insurance policies help protect your belongings and finances after certain covered events in your home. With premiums as low as $12/month, GEICO’s rental insurance policies can be an easy way to guard your finances as a renter.
While premiums are low, they do come at a cost. GEICO partners with other companies to underwrite rental insurance policies. Even though you can still save with bundling discounts, the hurdles of dealing with a third party cause many customers confusion and frustration.
Finding an affordable renters insurance policy doesn’t have to be a daunting task. Insurify helps you save money on insurance premiums, from auto to home coverage. You can compare quotes based on your unique profile with Insurify today!
Renters Insurance Doesn't Have to Break the Bank
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GEICO Renters Insurance: The Basics
Here are the basics on GEICO renters insurance: what it covers, where it operates, how much it costs, and how to get a quote today.
What does GEICO renters insurance cover?
GEICO offers a standard renters insurance coverage package, as well as add-on coverages that help protect your belongings. As with all renters insurance companies, GEICO’s policies only cover specific events, like fire, vandalism, theft, and some weather damage. It’s important to understand what exactly your plan covers, and any coverage limits, so that you’re not surprised if you need to make a claim. Here are the main types of coverage:
- Personal property coverage: How much money would you need to shell out if all of your personal belongings were stolen from your rental? Personal property coverage helps to pay for the replacement cost of many big-ticket items––from furniture and clothing to electronics and appliances––should they be stolen or incur property damage.
- Loss of use coverage: If you’re forced from your home after a covered loss, living expenses can add up quickly. Loss of use coverage helps pay for things like hotel stays and groceries if you’re displaced from your unit for an extended amount of time.
- Personal liability coverage: We all hope no one gets injured on our property, but when it does happen you could end up in front of a judge. Personal liability coverage helps pay for any associated legal fees or liability payments if you need to go to court for someone else’s injury or damaged property when the incident takes place in your covered unit.
- Medical payments coverage: For straightforward injuries where you may just want to cover the cost of related medical bills for a guest in your home, medical payments coverage can help. For example, if a guest tripped and broke a bone while staying in your rented property, medical payments coverage would cover their medical expenses.
You can also add additional types of insurance coverage to your policy. Here are a few add-on coverage options that further protect your property and finances:
- Replacement Cost Coverage: With this add-on coverage type, GEICO will compensate you for the full replacement cost of any damaged personal property, rather than the “cash value” of your belongings. Because items depreciate in value with time, the “cash value” of an item is often lower than the price that it will cost to replace it.
- Identity theft coverage: If you’re the victim of identity fraud or theft, this type of coverage will help minimize the risk to your finances and credit score.
Special Deals and Discounts
GEICO partners with third-party insurers to offer renters insurance, but many deals and discounts are available to all policyholders. Here are a few of the renters insurance discounts that Progressive offers:
- Bundling: If you already have a GEICO auto insurance policy, you’re in luck. You can get a multi-policy discount when you bundle auto and renters insurance.
- Home Security Discount: If you live in a gated community, use a home security system, or install other safety features in your rented home, you could be eligible for a discount on your GEICO renters insurance.
- Sprinklers or Smoke Alarms Discount: Smoke alarms, sprinklers, and fire extinguishers are always a good idea to install in your home. Not only could they save your life or your property from fire and smoke damage in the event of an emergency, but these safety features could also mean a substantial discount on your GEICO renters insurance policy.
Where does GEICO offer renters insurance?
If you’re looking for a well-established insurer with nationwide policy coverage, you’re in luck: GEICO offers renters insurance in all 50 states and Washington, D.C.
That said, GEICO partners with different renters insurance agents in different states, so your mileage may vary in terms of customer experience depending upon which state you call home.
Progressive Renters Insurance Ratings
|J.D. Power Score||867/1000|
|A.M. Best Financial Strength Rating||A++|
|BBB (Better Business Bureau)||A+ BBB Rating|
GEICO Renters Insurance Customer Reviews
Though GEICO receives strong scores on measures of financial health, customer reviews for its renters insurance policies are more of a mixed bag, and the company has an average Better Business Bureau customer rating of 1.14/5.
These mixed reviews are likely a result of the way GEICO partners with other agencies like Assurant to provide policyholders with their renters insurance.
Some customers have praised GEICO for its rapid handling of claims and positive service experiences. But some ConsumerAffairs verified GEICO renters insurance reviews criticized GEICO for poor customer service and for not properly honoring claims.
Joost of Arlington, MA wrote that “As a very pleased GEICO Multi-auto customer I added the Renters. But this weekend I filed a claim as a kitchen cabinet collapsed and crushed my wife’s iPad. Denied! ‘Wrong type of collapse’(!) Will have to find another insurance company. Lost trust.”
Michael of Folsom, CA, also complained about Progressive’s customer service, writing that “I would not recommend them. As a company, GEICO is fine and I have never had an issue? But I have has the need to file a claim. The problem is that they partner with extremely unethical renters insurance companies like Assurant.”
Average Cost of GEICO Renters Insurance
Renters insurance policies are some of the cheapest insurance products on the market, and policies from GEICO are no exception. GEICO advertises renters insurance rates starting as low as $12 per month. That’s competitive pricing, comparable to Allstate’s average premium of $15/month, but higher than the bare-bones minimum premium of $5 per month that Lemonade advertises. Your actual renters insurance quote will vary based on where you live, what add-ons you select, your deductible, and more.
Positives and negatives of GEICO renters insurance
- With an average policy cost of $12 per month, GEICO’s renters insurance is competitively priced. A well-known and established insurance provider, GEICO offers renters insurance in all 50 states and received the highest-possible A++ financial rating from A.M. Best, as well as a strong 867/1000 score from J.D. Power. And Progressive offers numerous deals and discounts for customers, including auto policy bundling.
- However, Progressive’s mixed reputation for customer service and low Better Business Bureau average customer satisfaction rating of 1.14/5 may give shoppers pause. Additionally, those looking for rock-bottom renters insurance premiums are better off with more pared-back competitors like Lemonade, whose policy prices are as low as $5 per month.
Is GEICO renters insurance right for me?
When comparing renters insurance quotes, you should first narrow down your options to companies that suit your needs in regards to customer service, flexibility, and coverage level.
Next, compare costs across providers that are available in your state. You might find that GEICO is the most affordable option in your area when you factor in the deals and discounts they offer, like their home security discount or auto and renters bundling plan.
If GEICO is your most affordable renters insurance option and you’re satisfied with their customer service, it probably makes sense to go ahead and sign off on a renters insurance policy.
How to Get a Quote for GEICO Renters Insurance
To get a quote from GEICO renters insurance, simply visit GEICO’s renters website, enter your zip code, and click “Start Quote.” From there, you’ll answer a series of questions designed to assess your level of coverage and renters policy price. It’s that simple!
GEICO Renters Insurance Contact Information
|Customer Service||1 (800) 241-8098|
|Headquarters||5260 Western Ave.
Chevy Chase, MD 20815
|Claims Services||Varies by Partner|
Here’s how to get in touch with GEICO regarding renters insurance: GEICO also offers a mobile app for policyholders on the go.
GEICO Renters Insurance FAQ
How much does GEICO renters insurance cost?
GEICO Renters Insurance can cost as little as $12/month, but the cost of your premium depends largely on the type of coverage you go for. The value of your personal property you wish to cover, add on coverages and endorsements, and even where you live, can all impact the cost of your premium. To get a quote, just visit the GEICO website and enter the required information. You only need your zip code and estimated cash value of your property to get started.
What does GEICO renters insurance cover?
Exact coverage can vary based on your property and the company that manages your renters insurance policy. That being said, common coverages include personal liability, personal property, loss of use, and medical payments.
How can I cancel my GEICO renters insurance?
Since rental insurance policies are managed by third-party companies, cancellations aren’t handled directly by GEICO. To cancel your policy, get in touch with the underwriting company directly. Customer reviews mention that this can be a lengthy process, so be sure to plan ahead.
What’s the best way for me to quickly and easily compare insurance quotes?
To receive real-time and totally free auto, home, or life insurance quotes from the top-rated and most affordable insurance providers in the nation, use an insurance quotes comparison site like Insurify. Just a few clicks can get you side-by-side insurance rates in just seconds from dozens of leading insurance providers, ranked by price or by recommended coverage. Save time and dodge annoying spam calls by purchasing your new car insurance policy online or over the phone with Insurify.
How to Find the Best Renters Insurance Quotes
GEICO has over 70 years of experience offering insurance products. But renters should keep in mind that rental insurance policies are managed by partner companies, not GEICO. Sometimes this means that the customer service quality takes a hit, depending on which company your policy is managed by.
That’s not to say there’s no value to be found with GEICO renters insurance. Discounts for bundling, securing your home, and fire safety can help reduce the cost of your premium. And some policyholders appreciate the easy onboarding through the GEICO website.
That’s why it’s so important to compare quotes. Leading quote-comparison site Insurify helps customers compare policy options based on the coverage they need, so you can get personalized deals and the best possible price for your car, home, or life insurance policy. Browse, compare, and discover with Insurify today.
Renters Insurance For Everyone