Assurant Renters Insurance provides protection for renters’ personal belongings and liability coverage in case they are sued or cause damage to the rental property or injuries to others. It is an insurance policy that renters purchase separately from their rental agreement to cover their personal possessions and provide liability coverage.
Renters insurance typically provides the following core coverage:
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Personal property coverage – This covers loss or damage to the policyholder’s personal belongings due to covered perils like fire, lightning, windstorms, hail, explosions, smoke, vandalism, theft, and more. It reimburses the policyholder for the actual cash value of their damaged or stolen personal property up to the limits of the policy.
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Liability coverage – This covers injuries or property damage that the policyholder is legally responsible for. For example, if a fire started by the renter spreads to neighboring units, liability coverage would pay for the damages to the other units. The liability limits are usually expressed in a dollar amount.
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Additional living expenses – If the rental unit is damaged and uninhabitable due to a covered loss like fire or smoke, this coverage pays for reasonable increased living expenses like hotel stays until the unit can be repaired or the tenant finds a new place to live. The coverage is subject to a specified time and dollar limits.
So in essence, Assurant Renters Insurance provides financial protection for a renter’s personal belongings and provides coverage in case they are legally liable for injuries or damage. It gives renters peace of mind knowing they have coverage for their possessions and liability exposures.
Why Get Renters Insurance?
Renters insurance is an important but often overlooked type of insurance. According to studies, only about 37% of renters currently have renters insurance. However, there are several compelling reasons why renters should strongly consider getting a renters insurance policy:
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Protect your belongings and valuables: Renters insurance provides protection for your personal property in the event of perils like theft, fire, smoke, vandalism, water damage, and more. Without coverage, you would have to bear the full cost of replacing stolen or damaged items. Renters insurance covers the cost to repair or replace your belongings up to the limits of your policy.
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Coverage for liability if someone is injured in your rental: Renters insurance includes liability coverage in case a guest is injured in your rental property and decides to take legal action. This protects you from potentially substantial liability costs. The liability coverage will provide legal defense and pay for injuries or property damage (up to the policy limits).
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Temporary living expenses if you can’t live in your rental due to damage: Most renters policies provide coverage for additional living expenses if your rental becomes uninhabitable due to a covered loss like a fire. This will pay for temporary accommodations like a hotel room while your rental is being restored.
Renters insurance provides very important financial protection for just a small monthly cost. With so few renters currently insured, it’s a type of coverage definitely worth considering.
What Does Renters Insurance Cover?
Renters insurance provides several key protections for your belongings and liabilities as a renter:
Personal Property Coverage
Personal property coverage reimburses you for the loss, theft or damage of your personal belongings while they are on the premises of your rental. This can include furniture, clothing, electronics, kitchenware, decor and more. Renters insurance will pay to repair or replace your items up to the limits of your policy.
Liability Coverage
Liability coverage protects you if someone is injured or their property is damaged while on the premises of your rental. For example, if a guest slips and falls in your apartment, liability coverage can pay for their medical bills and protect you from a lawsuit. Most policies provide a minimum of $100,000 in liability coverage.
Additional Living Expenses
If your rental unit becomes uninhabitable due to a covered incident like a fire or water damage, additional living expenses coverage will pay for the increase in your normal living expenses like hotel stays. This ensures you have somewhere to stay while repairs are made.
Medical Payments to Others
Medical payments coverage pays for medical expenses to others who are injured in an accident at your rental, regardless of fault. This can provide an extra layer of protection beyond your liability coverage. Typical limits are $1,000-$5,000.
How Much Does Renters Insurance Cost?
The cost of renters insurance can vary quite a bit, but on average most renters pay between $15-$30 per month for coverage. The exact price depends on several key factors:
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Location – Renters insurance costs more in areas with higher crime rates or more frequent natural disasters like hurricanes or wildfires. Living in a big city like New York or San Francisco will mean pricier premiums.
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Value of belongings – The more possessions you have in your rental unit, and the more they are worth, the more it will cost to insure them. Having expensive jewelry, musical instruments, electronics and other valuables will raise your rates.
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Deductible amount – Just like with car insurance, choosing a higher deductible (the amount you pay out-of-pocket before insurance kicks in) will lower your monthly premiums. Opting for a $500 or $1,000 deductible instead of $250 can make a big difference.
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Discounts – Taking advantage of discounts like bundling renters with auto insurance or going paperless can help shave 10-15% off the standard rate.
So while the average renters insurance policy runs $15-$30 per month, the exact amount can vary quite a bit based on your unique situation. The best way to find affordable coverage is to comparison shop.
Discounts on Renters Insurance
Renters insurance can help protect your possessions in case of damage or theft, but it can also be an added monthly expense. Luckily, there are ways to reduce your renters insurance premium and save money. Here are some common discounts to ask about:
Bundling with Auto Insurance
Many insurance companies offer a bundling discount if you purchase renters and auto insurance together. By getting multiple policies from the same insurer, you can save 10-15% or more. This makes renters insurance more affordable, while also simplifying your insurance with one company.
When getting a renters-auto bundle, make sure to compare quotes from different insurers. Some will offer larger bundling discounts than others. Also, check that the bundled quote is cheaper than buying the policies separately.
Security System Discount
Having a security system, such as a burglar alarm, can reduce your renters insurance rates. Insurance companies offer this because an alarm system may deter break-ins and theft. The security discount is usually 5-15%, but can be higher, depending on your provider.
When applying for this discount, you may need to provide proof that your security system is professionally installed and actively monitored. Make sure to ask your insurer about specific qualifications to receive the lowered rate.
Good Credit Discount
Maintaining excellent credit can save you money on renters insurance. Most insurers use your credit-based insurance score to determine premiums. The better your credit score, the larger your discount will likely be. With good credit, you could potentially save 10% or more.
Check your credit report before shopping for renters insurance. If needed, work on improving your credit to boost your score. This will put you in a better position to qualify for the best rate. Monitoring your credit is an easy way to control insurance costs.
Taking advantage of discounts is a great way to save on renters insurance without sacrificing protection. Be sure to ask your insurance agent which discounts you may qualify for. A small time investment upfront can lead to considerable savings each year.
Assurant Renters Insurance
Assurant is a leading provider of renters insurance in the United States. The company has over 100 years of experience in the insurance industry, tracing its roots back to 1892.
Assurant offers standard renters insurance policies that provide protection for your personal belongings, liability coverage, and additional living expenses if you can’t stay in your rental due to a covered incident. They also offer specialized policies like valuables coverage for expensive items like jewelry and electronics.
Some of the discounts Assurant offers on renters insurance include a multi-policy discount if you bundle with their auto insurance, a protective devices discount for things like smoke detectors, and a claims-free discount for no recent claims.
The claims process with Assurant involves contacting them as soon as possible after an incident, cooperating with any investigation, and providing documentation like photos and receipts for lost or damaged items. Many customers report fast and fair claims settlements from Assurant.
Assurant renters insurance has positive reviews from most customers. Policyholders comment on the affordable rates, easy quoting and signup process, helpful customer service, and prompt claims handling. Some downsides mentioned in reviews include limited availability in some states and lack of mobile app claims filing. Overall they are regarded as a leading renters insurance provider with comprehensive policies at competitive prices.
How to File an Assurant Renters Insurance Claim
Filing a claim with Assurant is straightforward. Here are the steps:
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Call Assurant as soon as possible to report the claim. Have your policy number ready and be prepared to provide details on what happened and what was damaged or stolen.
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Assurant will ask for documentation to support your claim, like photos of the damage, police reports for theft claims, and receipts for destroyed or damaged items. Gather this documentation ahead of time to help speed the claims process.
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Assurant will assign an adjuster to your claim, who will investigate and determine coverage based on your policy. The adjuster may inspect the damage and request additional documentation from you.
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Once the adjuster verifies the claim details, Assurant will send you payment for covered losses based on your coverage limits and deductible. For damaged items, you may receive the replacement cost if you decide to repair or replace them.
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Assurant aims to process claims quickly, often within days for straightforward claims. Keep communicating with your adjuster throughout the process if you have any questions or concerns.
The key is to fully document your losses, communicate with Assurant, and provide all necessary details to receive your payout for covered damages or theft. Assurant’s adjusters will walk you through the claims process.
Pros of Assurant Renters Insurance
Assurant offers several advantages that make it a good choice for renters insurance:
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Bundling discounts: Assurant offers discounts when you bundle renters insurance with other policies like auto or motorcycle insurance. If you already have Assurant for other insurance needs, adding renters can save you 10-15%.
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Competitive pricing: Assurant’s renters insurance rates are very reasonable, with basic policies starting around $15 per month. They offer discounts that can reduce costs further.
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Responsive claims: When you need to file a renters insurance claim, Assurant aims to make the process smooth and hassle-free. Many customers report quick turnarounds and satisfactory claim settlements from Assurant. Their adjusters work promptly to assess damage, process paperwork, and issue payments.
Overall, Assurant delivers a quality renters insurance product at an affordable price point. The ability to bundle with other policies you have can lead to even greater savings. And if you do suffer property loss, Assurant has a reputation for promptly addressing claims and paying out benefits. For renters seeking protection with a reputable national insurer, Assurant is worth considering.
Cons of Assurant Renters Insurance
Assurant renters insurance has received some mixed reviews when it comes to customer service. Some customers have reported difficult experiences when filing claims, with claims being denied that they felt should have been covered.
Additionally, Assurant’s coverage limits may be lower than some competitor’s policies. For example, their standard policy has a $100,000 limit for personal property coverage, whereas some other insurers offer up to $200,000. If you have expensive possessions like jewelry, art, musical instruments etc, you may want to consider a policy with higher coverage limits.
The claims process can be frustrating as well. Some customers have complained of long wait times when calling Assurant and difficulty getting claim updates. There are reports of claims being denied over minor technicalities or exclusions. While this is common with insurance companies, it’s something to be aware of with Assurant. Thoroughly reviewing the policy exclusions is important.
So while Assurant offers competitive pricing on renters insurance, their customer service and claims reputation is mixed. If you want higher coverage limits or a smoother claims process, other insurers may be a better fit. But Assurant remains a solid budget choice for basic renters insurance.
Alternatives to Assurant
When shopping for renters insurance, it’s a good idea to compare quotes from multiple providers to find the best price and coverage for your needs. Here are some top alternatives to consider beyond Assurant:
Allstate
Allstate is one of the largest insurance providers in the U.S. and has been in business since 1931. They provide standard renters insurance policies as well as options like valuables coverage, identity theft protection, and roommate insurance. Allstate frequently runs discounts and promotions to keep rates competitive.
State Farm
State Farm is another leading insurance company with renters insurance available in all 50 states. They have a long history dating back to 1922. State Farm offers bundling discounts when you have multiple policies with them, such as auto or life insurance. Their renters policies also include liability coverage for injuries on the property.
Lemonade
Lemonade is a relatively new insurtech company founded in 2015. They use an AI bot for policy setup and claims handling. Lemonade offers low cost renters insurance paired with a giveback program, where unused premiums go to charity. Their policies have limited add-ons but provide the essentials.
Farmers
Farmers insurance provides renters policies with options for identity theft and replacement cost coverage for possessions. They have an extensive network of local agents across the U.S. Farmers offers discounts for bundling multiple policies and for having protective devices like smoke alarms installed.
No matter which provider you consider, it’s wise to compare quotes and coverage options side-by-side. Look for discounts you may qualify for to get the best renters insurance rate for your situation.