Assurant Renters Insurance: The Basics
Here are the basics on Assurant renters insurance: what it covers, where it operates, how much it costs, and how to get a quote today.
What does Assurant renters insurance cover?
Assurant renters insurance spans three main coverage types: personal property coverage, liability coverage, and loss of use coverage. Let’s break those down.
Personal property coverage acts like a kind of umbrella warranty, protecting your personal property both inside and away from your condominium, apartment, or rental home. Personal property coverage insulates you from costs associated with replacing or fixing personal property after accidents, theft, vandalism, or weather-related incidents. Personal property includes items like musical instruments, jewelry, furniture, and other personal items.
Liability insurance coverage means that if a guest injures themselves or damages property in your rental property, Assurant will foot the bill for potential medical payments or replacement costs. For example, if a guest without health insurance trips and falls and breaks a bone in your apartment, filing an insurance claim with Assurant may result in your liability coverage covering their medical expenses.
Loss of use coverage means that Assurant will pay for your additional living expenses if you need to leave your home and temporarily live elsewhere due to an insured accident or property damage.
An Assurant renters insurance policy provides insurance coverage in exchange for a monthly premium. If a renter files a claim with Assurant, they’ll also need to pay a deductible ––a certain out-of-pocket amount determined when you first accept your renters policy. For example, if your $2000 oboe was stolen from your apartment and your renters deductible is $500, you ’ll need to pay the first $500 after filing a claim, and Assurant underwriters will cover the remaining $1500.
It’s important to note that there are coverage limits to most renters insurance policies: depending on which policy you choose, Assurant will only cover your financial losses up to a certain threshold, such as $20,000 or $30,000.
Additionally, like most renters insurance companies, Assurant renters insurance coverage does not cover property damage to your apartment or building from misfortunes like vandalism or malicious mischief, or weather events like floods, fires, or windstorms. Because your landlord owns the building that you rent, their own flood insurance or homeowners insurance should cover these potential incidents.
Assurant does offer optional add-on coverage options for specific events not covered in their general policy, like pet damage, sewer backup, or identity fraud / identity theft.
Special Deals and Discounts
Renters insurance is already affordable when compared to comparable products like home insurance. Even so, Assurant offers a few renters insurance discounts on top of already low rates.
GEICO auto insurance members can snag a small discount by bundling their auto policy with an Assurant renters plan: Assurant is a GEICO partner.
In some communities, Assurant offers an inexpensive, bare-bones liability only policy that covers only property damage liability and personal liability, for customers interested in less-expensive coverage. (For example, replacing your cabinets after a grease fire or medical bills for a guest bitten by your dog would still be covered by this policy.)
You can also save money by paying for your coverage up-front. Assurant gives you the flexibility to pay monthly, quarterly, or annually. The more frequently you pay, the higher your premium. Annual payments are the most affordable overall, and are also not subject to the $5 billing fee that’s tacked on to other payment transactions.
Where does Assurant offer renters insurance?
Assurant provides renters insurance coverage in all 50 U.S. states, as well as in Washington D.C. If you’re looking for a renters insurance provider that is well-established and widely available nationwide, Assurant may be the company for you.
Assurant Renters Insurance Ratings
|BBB (Better Business Bureau)||A+ (Rating) 1.05/5 (Customer Score)|
Assurant Reenters Insurance Cu stomer Reviews
While some Assurant ’s renters insurance customer reviews are positive, many mention poor customer service and a long wait for resolution of claims. Two positive Assurant renters insurance reviews featured on the company’s website commend the company for positive customer service experiences.
“I received the entire amount that I was entitled to PLUS I was reimbursed the $10 I had to pay to obtain the police report (which I was not expecting)”, one customer writes. Another praises their Assurant agent, writing that “My agent worked with me. Nicole sent emails and called. She was Very [sic] patient with me during this difficult time.”
Still, the company does receive a relatively low 1.05/5 customer review rating from the BBB. The vast majority of customer reviews are also negative in tone on ConsumerAffairs, a verified customer review website. Frank of Rancho Cucamonga, California and Catanza of Hermanville, Mississippi both report difficulty getting in touch with claims adjusters, a complaint that was widespread among many other customer reviews from states like Georgia and New York.
“On 11/2/2020 I went online and started a claim”, Frank wrote in his review of the company. “They stated an agent would be in contact within two days (first lie). I had to called them [sic] and left a message on a voicemail. I got a call back on a Monday and the agent left a voicemail. I called back and left another message. Didn’t hear anything for two weeks. Then on 11/16/2020 I get a call from the number that the agent called me from so I answered it and she just hung up on me.” Catanza describes a similar experience in her review, writing that “I was never contacted by the adjuster and he never returned my calls”
Average Cost of Assurant Renters Insurance
Assurant doesn’t advertise a minimum renters insurance cost. But for a single woman living in an apartment in New York City choosing Assurant ’s recommended deductible and coverage limits––$250 and $100,000, respectively–– Assurant produced an average renters insurance rate of $9.50. That’s a far cry from the national average of $15 per month, and much less than the typical home insurance policy.
By contrast, Geico charges at least $12 per month for its policies, and Allstate charges an average premium of $15 per month. The actual price of your renters insurance premium will vary based on where you live, what add-ons you select, your deductible, and other factors.
Positives and Negatives of Assurant R enters Insurance
- An established 125-year-old insurance company, Assurant features a strong A financial rating from A.M. Best and offers renters policies in all 50 states.
- Assurant offers a bare-bones liability-only policy in some locations for those seeking inexpensive coverage.
- As a GEICO partner, Assurant offers special auto-policy bundling discount available for GEICO car insurance policyholders.
- A relatively low BBB customer score of 1.05/5 raises questions about customer satisfaction.
- Unlike competitors like Lemonade, Assurant does not typically donate a percentage of your premium to nonprofits.
- Numerous customer reviews of Assurant mention difficulty getting in touch with live agents and difficulty filing claims, as well as slow response times.
Is Assurant renters insurance right for me?
To decide if Assurant renters insurance is right for you, take advantage of their phone hotline and website to speak to an Assurant agent and get a renters insurance quote. Then, compare your quote to those you receive from competitors like Allstate, Progressive, and State Farm.
Consider how much renters insurance coverage you’ll need, and whether you’re interested or eligible for discounts that might lower your rates, like Assurant ’s bundling discount available for GEICO auto insurance policyholders. Read up on customer reviews to learn whether you’d be a good fit for the insurer.
If Assurant is the least expensive option available in your state and you’re comfortable with their somewhat mixed customer service reviews, it may make sense to commit to a renters insurance policy with the company.
Just remember to shop around for better deals and discounts at least every six months, especially if you’ve made major life changes like getting married or substantially raising your credit score. Taking the time to periodically compare quotes and read online reviews can provide peace of mind and helps insure that you’re always choosing the best renters insurance plan possible for you.