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.