Assurant Renters Insurance protects your personal property and belongings while renting a home or apartment. It can help cover the costs to repair or replace your stuff if it’s damaged, destroyed, or stolen. Renters insurance also protects you from liability if someone gets injured in your rental.
Assurant is one of the major providers of renters insurance in the United States. Assurant partners with property management companies and landlords to offer renters insurance to tenants. Their renters insurance products are designed to be affordable and convenient by allowing premium payments to be bundled together with your monthly rent.
Renters insurance through Assurant gives renters peace of mind knowing their personal possessions are protected from unforeseen disasters and events beyond their control. This article provides an overview of renters insurance and Assurant’s renters insurance products to help you determine if it’s the right choice for your needs as a renter.
What is Renters Insurance?
Renters insurance is a type of insurance policy that provides protection for renters’ personal property and belongings. Also known as tenant insurance, it can help cover costs if your possessions are damaged, destroyed, or stolen.
The main purpose of renters insurance is to provide financial reimbursement in case of an unexpected incident like theft, fire, severe weather damage, and more. It can help replace your belongings and cover temporary living expenses if you can’t stay in your rental due to damage.
Unlike homeowners insurance, renters insurance only covers your possessions and liability – not the physical rental property itself. The landlord’s insurance would handle damages to the building’s structure. But renters insurance is vital for protecting your personal items and assets as a tenant.
Renters insurance provides both property coverage and liability coverage:
- Property coverage helps replace stolen or damaged items like furniture, clothes, electronics, and more. You can choose a coverage amount based on the value of your belongings.
- Liability coverage helps pay for injuries or property damage if someone sues you after an incident in your rental. It can pay for legal fees and settlements up to the coverage limit.
Overall, renters insurance gives tenants affordable protection that a landlord’s insurance won’t provide. It guards against unexpected costs and losses, providing important financial peace of mind. With relatively low monthly premiums, most experts recommend renters insurance as an essential part of protecting your assets.
Why Get Renters Insurance?
Renters insurance provides numerous important benefits that make it a wise investment for renters. Here are some of the top reasons to get renters insurance:
- Protect your belongings – Renters insurance provides coverage for your personal property in case of perils like theft, fire, wind damage, and vandalism. Without renters insurance, you would have to cover replacement costs out of pocket.
- Liability protection – Renters insurance includes liability coverage that protects you if someone is injured in your rental. Dog bites, slippery floors, and more could leave you liable for damages without insurance.
- Affordable cost – Renters’ insurance typically costs between $15-$30 per month depending on factors like location and amount of coverage. For most renters, it’s a small price to pay for peace of mind.
- Coverage for living expenses – If your rental is damaged and unlivable, renters insurance helps cover hotel bills, restaurant meals, and other living expenses until you can move back.
- Protect roommate disputes– Renters insurance eliminates conflicts if a roommate accidentally damages your items. The insurance covers you instead of putting the burden on your roommate.
- Satisfy lease requirements – Most standard lease agreements require tenants to carry renters insurance. Getting coverage helps avoid lease violations.
- Ease of bundling – Many providers offer discounts when you bundle renters with auto or other insurance policies. Bundling makes getting renters insurance even more affordable.
Renters insurance delivers valuable protection at an affordable cost. For renters aiming to responsibly manage risks and avoid costly disasters, renters insurance is a must-have.
What Does Renters Insurance Cover?
Renters insurance provides coverage for your personal belongings, additional living expenses if you can’t live in your rental, and personal liability. Here’s an overview of the standard coverage included in a renters insurance policy:
Personal Property Coverage
This covers the theft or damage of your personal belongings while they are in your rental unit. It will reimburse you for the cost to repair or replace your items, usually up to a specified limit. Standard policies often cover personal property worth $15,000-$30,000, but you can customize the limits when you get a quote.
Covered personal belongings may include:
- Furniture, appliances, electronics
- Clothing, shoes, accessories
- Kitchen items and cookware
- Towels, bedding, linens
- Decorator items like artwork, books, music collections
- Sports equipment
- Laptops, tablets, phones
Policies have varying coverage for certain categories like jewelry, cash, collectibles, and equipment used for business. Review the limits when selecting your coverage.
Additional Living Expenses
If your rental unit is damaged and unlivable due to a covered peril like fire or storm damage, this coverage pays for your extra costs of living elsewhere temporarily. It covers hotel bills, restaurant meals, storage fees, and other costs above and beyond your normal living expenses.
Coverage is usually for about 20-30% of the personal property coverage limit.
Personal Liability Coverage
This protects you if someone is injured or their property is damaged while in your rental unit, and they hold you legally responsible. The policy pays for the compensation owed, including legal fees, up to the liability limits.
Standard coverage is usually $100,000, but more is recommended if possible. This protects your assets if you are sued.
Additional Renters Insurance Coverage
Renters insurance provides coverage for your personal belongings and liability, but you may want to consider adding additional options for more complete protection:
Replacement Cost Coverage
With standard renters insurance, your belongings are covered for their depreciated value – meaning you’ll get the value of the items at the time of loss or damage. Replacement cost coverage pays the full cost to replace your items with new ones of similar kind and quality. This ensures you can replace your valuables if they are damaged or stolen.
The extra cost is usually minimal – often just 10-20% higher than a standard policy. Make sure to get an accurate estimate from your insurer on the additional cost. Replacement cost is highly recommended to avoid coming up short if you ever need to submit a claim.
Water Backup Coverage
Standard policies do not cover water damage from sewers, drains, or sump pumps. Adding water backup coverage protects you if water enters your residence from outside the home due to water system malfunctions. This includes overflow from sumps, drains, and sewers.
The cost for water backup coverage may range from $10 to $50 per year depending on your location and other factors. This covers thousands of dollars in potential water damage, making it a wise investment for renters.
Flood Insurance
Flooding causes more property damage in the U.S. than any other natural disaster, yet it is not covered by standard renters’ or homeowners insurance. Separate flood insurance is needed to cover damage from flooding.
You can get flood insurance through the National Flood Insurance Program or some private insurers. Costs vary dramatically based on your flood risk, from as low as $20 per month to $100 or more for high-risk areas. Make sure to evaluate your flood risk and get quotes to see if this added coverage could be valuable.
Adding extra coverage like replacement costs, water backup, and flood insurance greatly improves your protection as a renter. Evaluate each option to decide if it fits your needs and budget.
How Much Does Renters Insurance Cost?
The cost of renters insurance can vary quite a bit depending on your location, the amount of coverage you want, and other factors like your credit score. However, renters insurance is relatively inexpensive compared to other types of insurance.
Average Cost
On average, renters insurance costs between $15 and $30 per month. Typically, you can expect to pay $15 to $25 per month or $180 to $300 per year for a standard renters insurance policy. The national average cost is around $188 per year or $15.70 per month according to the National Association of Insurance Commissioners.
Factors Affecting Price
Several main factors determine your renter’s insurance rate:
- Location – Insurance rates are higher in areas with more crime, natural disasters, and insurance claims. Urban areas tend to have higher premiums than suburban or rural areas.
- Coverage amount – The more coverage you want, the more you’ll pay. Typically policies cover $15,000 to $30,000 in personal property damage, but you can customize this.
- Deductible amount – Choosing a higher deductible (like $1,000) reduces your premiums. A lower deductible costs more but reduces your out-of-pocket costs if you have to file a claim.
- Credit score – In most states, insurers will check your credit as part of determining pricing. Better credit equals lower insurance rates.
- Claim history – Previous renters insurance claims will increase your rates. A clean claims history helps lower rates.
- Discounts – Taking advantage of discounts like bundling renters with auto insurance or paying annually can reduce your premium.
Some other factors like the security of your building and protection devices like smoke alarms may impact pricing as well. Getting quotes from multiple top insurers is the best way to find an affordable renters insurance policy tailored to your situation.
How to Get Renters Insurance
Renters insurance is easy to obtain if you know where to look. Here are some tips for getting renters insurance coverage:
Where to Buy Renters Insurance
Contact insurance agents or brokers – Independent insurance agents and brokers can shop multiple insurance companies to find you the best renters insurance policy and rate. Brokers work specifically with individuals while agents typically represent one insurance carrier.
Check with your current auto or home insurer – If you already have policies with an insurance company, they may offer renters insurance and multi-policy discounts. This can make getting renters insurance more convenient.
Buy directly from insurance carriers – Major insurance carriers like State Farm, Allstate, Farmers, Travelers, and more sell renters insurance directly. You can get quotes and purchase policies on their websites or over the phone.
Compare quotes online – Aggregator websites like Policygenius, Lemonade, and Cover make it easy to compare renters’ insurance rates from multiple companies in one place. You can get quotes online and buy a policy through these sites.
How to Compare Policies and Get Quotes
- Determine how much coverage you need – Consider the value of your possessions and potential risks to determine ideal coverage limits for personal property, loss of use, liability, and other coverages.
- Research company ratings and reviews – Check third-party customer satisfaction ratings and reviews to find top-rated renters insurance companies. Consider factors like customer service, claims satisfaction, and pricing.
- Get quotes from at least 3 companies – Comparing quotes from multiple insurers gives you bargaining power to find the best rate. National companies, local agents, and online sites are all options.
- Compare coverage offerings – Look at the types of losses covered, coverage limits, deductibles, and discounts offered. Find a policy that provides ideal coverage options for your situation.
- Ask about bundling discounts – Insurers offer discounts for bundling renters with auto or other policies. Ask each company about available multi-policy discounts.
- Read policy documents carefully – Review the full policy contract before purchasing to understand exclusions, limitations, deductibles, and all coverage details.
Getting renters insurance quotes and comparing policies takes some legwork but ensures you find great coverage at an affordable price. Taking the time to shop around is worth it for this important protection.
Assurant Renters Insurance
Assurant is one of the largest providers of renters insurance in the United States. They offer comprehensive policies to protect renters’ possessions and liabilities.
Some key features of Assurant renters insurance include:
- Flexible coverage limits – You can customize your coverage to meet your specific needs, with personal property coverage ranging from $20,000 to $200,000. Liability coverage ranges from $100,000 to $300,000.
- Replacement cost coverage – Your personal belongings are covered for their full replacement cost, with no depreciation. This means you can replace your valuables at today’s prices.
- Worldwide coverage – Your possessions are covered anywhere in the world, so you don’t have to worry when traveling.
- Additional living expenses – If you can’t live in your rental due to a covered loss, Assurant covers hotel bills, restaurant meals, and other living expenses.
- Electronics coverage – You can get specialized coverage for computers, home entertainment systems, and other electronics.
- Discounts available – Discounts may be available for bundling renters with auto insurance, being claim-free, having protective devices like smoke alarms, and more.
Assurant makes it easy to get a fast online quote and set up a policy. With robust features and customizable coverage, Assurant renters insurance provides comprehensive protection for renters’ lifestyles and possessions.
Assurant Renters Insurance Reviews
Assurant is one of the largest renters insurance providers in the United States. It has garnered a mostly positive reputation for customer service and claims handling. Here’s an overview of customer feedback on Assurant renters insurance:
Customer Service
Many customers report having a smooth and easy process when signing up for Assurant renters insurance. The company offers online quotes and policy management, making it simple to get coverage. Customers also praise Assurant’s customer service team for being responsive and helpful when questions arise.
Claims Process
Most reviewers say filing a claim with Assurant is straightforward. The company has a mobile app that allows customers to file claims 24/7. Customers appreciate the quick turnaround times on claims payments. Additionally, many note that Assurant’s claims adjusters are professional and make the process easy.
Cost
Assurant is competitively priced compared to other top renters’ insurance providers. They offer discounts that can lower premiums, like bundling renters with auto insurance. Customers say Assurant provides affordable policies with good value given the coverage.
Coverage
The coverage options with Assurant renters insurance are extensive. Customers like the ability to customize policies to fit their needs. Standard policies include liability, personal property protection, and loss of use. Additional riders are available to extend coverage.
Financial Strength
As an established company, Assurant has strong financial ratings. Customers can trust they have the resources to pay out claims properly. Assurant maintains an A rating from A.M. Best.
Overall, Assurant renters insurance garners positive reviews from most customers. They offer comprehensive and customizable policies along with helpful customer service. Their financial strength also provides added policyholder security. For renters needing protection, Assurant is a leading choice to consider.
Conclusion
Renters insurance is designed to protect your personal possessions and provide liability coverage in case of damage or injury in your rental property. Getting a policy is highly recommended for all renters, as it can provide peace of mind and financial protection in the event of theft, fire, water damage, and more.
The cost of renters insurance is usually quite affordable, with average monthly premiums ranging from $15-30 depending on your location and amount of coverage. Though not legally required, having a policy can save you thousands if disaster strikes. Be sure to take inventory of your belongings, shop quotes from multiple insurers, and ask about bundling discounts.
When reviewing renters insurance companies, check policy details as coverage can vary. Look for ample protection for your possessions with replacement cost coverage, liability limits of $100,000 or more, and extras like loss of use if you can’t stay in your rental. Assurant is one option with a long history and positive reviews, but be sure to compare it with other top insurers as well.
Overall, there are many good reasons to invest in renters insurance for your peace of mind. Taking time to understand what it covers and shop for the best rate can help ensure you get comprehensive protection. With an affordable policy in place, you can rest easy knowing you have financial protection against the unexpected.