Assurant Renters Insurance Review
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If you’re living in an apartment, you’re likely realizing a few handy benefits, such as not having to worry about fixing an appliance that breaks or an electrical or plumbing issue. While there are advantages to having a landlord on-call to solve your problems, if anything happens to your apartment that damages your own personal belongings, you’ll need to have personal property coverage in order to deal with replacing your items.
This is where a renters insurance policy can be a lifesaver. In some apartment communities, tenants are required to have personal liability coverage, while others only require it if you have an animal due to the threat of pet damage. One insurance provider offering comprehensive coverage options is Assurant. When it comes to renters insurance coverage, one reason you may want to consider Assurant is because it offers more than just basic coverage.
Is Assurant renters insurance the best renters insurance for you and your apartment? Keep reading to see whether or not it’s a good fit for your needs.
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What is Assurant Renters Insurance?
Assurant is an insurance company focused primarily on serving communities with affordable renters insurance. They have helped two million people find coverage, and, unlike other renters insurance companies, they also support more than 1,000 charities with their work. They give out more than 4 million dollars annually through disaster relief, grants, matching gifts, and other forms of in-kind support. The company was founded in the 1890s as the La Crosse Mutual Aid Association and is now headquartered in Atlanta under the name Assurant.
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How does Assurant Renters Insurance work?
Signing up for Assurant is super easy thanks to how simple to use their website is. You’ll start from their homepage by entering your rental address in order to start the renter's insurance quote process.
Once you’ve entered your rental address, you’ll need to answer a few more questions. This includes personal information about you, such as your first name, and the type of property you’re renting (including apartments, condos, single-family homes, and student housing).
You’ll also need to answer questions about how many losses you’ve had in the past three years or if you own an animal that has harmed someone. From there, you can select when you need your coverage to begin.
After answering those few questions, you can explore quotes and your coverage estimator. It breaks things down based on your liability, how much personal belonging coverage you have, your deductible, and any other add-ons, such as additional coverage for water damage, vandalism, or sewer backup.
How much does Assurant Renters Insurance cost?
As is the case with many insurance companies, the cost of your renter's insurance can vary based on where you live, the type of property you’re insuring, the coverage limits and the deductible you select, and optional coverages.
Here are a few sample quotes using Assurant’s quote estimator for an apartment rental property in the city of Chicago, IL:
- $50,000 liability with a $250 deductible: $40.85 cost to start coverage + $25.42 monthly payments
- $100,000 liability with a $250 deductible: $41.51 cost to start coverage + $25.75 monthly payments
- $300,000 liability with a $250 deductible: $44.18 cost to start coverage + $27.09 monthly payments
As you can see, the difference in cost isn’t too different from $50,000 liability to $300,000 liability coverage. However, it’s important to note that if you go with a higher liability coverage you may need to answer a few more questions to ensure that you’re qualified for this higher liability coverage amount.
Assurant Renters Insurance Features
Assurant offers a few perks in its coverage that you won’t find with other insurers. It also lets you add additional coverage to your policy—which can really help improve your coverage—for a fee. Learn more about these selling points and features below.
Replacement cost coverage
In most cases, when you file an insurance claim for personal property damage, you’re given the cash value of what that belonging has depreciated to. However, with replacement cost coverage, you’re given the amount of money necessary to purchase brand-new items instead. This can obviously be a boon when it comes to electronic devices and other appliances that you have brought into your apartment or rental.
Bed bug-related expenses
While this coverage isn’t available in all states, if you live in a state where Assurant does cover bed bug-related expenses, you’re bound to be happy. Extermination and other expenses related to bed bugs may be a part of your policy, which is a major win and a form of coverage atypical of most rental insurance providers.
Additional optional coverage
Beyond some of the above perks and basic liability coverage, Assurant also offers a bevy of options that its policyholders can add to their existing policy. While these add-ons will increase the overall cost of your policy, they may pay big dividends in the case of an emergency.
Here is a quick list of some of the optional coverages you can add to your renters insurance policy when you choose Assurant as your provider:
- Identity fraud/identity theft expenses
- Earthquake coverage
- Damage caused by a pet
- Backed-up drain or sewer expenses
- Rent payments should you lose your job
The above add-ons will, of course, increase the cost of your overall policy and premium. Even so, they may be worth it if they make sense for you and your living situation.
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Who is Assurant Renters Insurance best for?
If you need comprehensive coverage or a fast quote, Assurant is an excellent option. It’s easy to get a quote estimated in just a few minutes, and adding on additional coverage for something like pet damage or an earthquake is a breeze.
For dog owners in particular, the ability to add coverage for damage caused by a pet and the fact that liability insurance extends to dog bites is definitely something to appreciate. Plus, with some policies that include coverage for bed bugs or spoiled food during power outages, there are a lot of perks that come with your policy that other companies won’t necessarily cover.
Who shouldn’t use Assurant Renters Insurance?
If you’re someone who only needs basic coverage, Assurant isn’t necessarily the best option. While they do offer basic coverage through a “Liability Only” policy, you need to live in one of Assurant’s partner properties in order to be eligible for this form of coverage.
Pros and cons
Pros
- Easy to use website. Some insurance companies have cumbersome web presences. Thankfully, navigating Assurant’s website is simple and straightforward. The navigation and design of the entire website is easy and clear, making it incredibly user-friendly and accessible.
- Fast to get quotes. Getting estimates on policy quotes is super fast through Assurant’s website. You can generally fill out their form in under five minutes, which means that you can get a much better idea on whether or not your policy will meet your needs and how much it will cost, faster when you consider Assurant.
- Broad coverage. Assurant is heads above its competitors for certain insurance features and inclusions in its policies. Plus, you can add on a variety of other forms of coverage to ensure that you have the policy to best meet your needs.
- Available in all 50 states. One thing you don’t need to worry about is whether or not Assurant provides renters insurance where you live. Thankfully, the insurance provider offers coverage to policyholders in all 50 states as well as the District of Columbia.
Cons
- No mobile app. Unlike other competitors, the only way to access Assurant to file claims or review coverage is through their website or telephone. This is a minor quibble since Assurant’s website is easy to use, but for younger generations or those on-the-go, the lack of a mobile app is definitely a bummer.
- More-than-average consumer complaints. While everyone has had a bad experience with a company at least once in their life, there are definitely enough consumer complaints and negative reviews about Assurant to be wary of their customer service.
- Some coverage isn’t available in certain states. Seeing that you can get bed bug extermination fees covered by Assurant is certainly impressive, but not all coverage is included in each state. As a result, it’s best to research where you live and what types of policies you’re eligible for before you sign up.
Assurant Renters Insurance vs. competitors
Assurant isn’t the only company on the block if you’re shopping for renters’ insurance. Here’s how Assurant measures up to three major competitors: Geico, State Farm, and Lemonade. They were evaluated based on whether they offer coverage in all 50 states, how they handled add-on coverage, and if discounts were readily available.
Insurance provider | Available in all 50 states? | Discounts available? | Add-ons |
Assurant | Yes | Yes | Identity theft, pet damage, earthquake, backed up sewer damage, job loss protection |
Yes | Yes | Earthquakes, flooding | |
Yes | Yes | Identity theft and pet damage | |
Lemonade | No | Yes | Flood insurance, Equipment Breakdown Coverage (EBC) |
Geico
Geico’s website doesn’t list as many additional coverage options as Assurant, with earthquakes and flooding as the main features included. However, Geico, like Assurant, offers insurance coverage in all 50 states and also has a variety of discounts available to its policyholders.
State Farm
State Farm is the closest competitor to Assurant in terms of some of the more common additional coverage options it offers. This is because identity theft and pet damage costs are both eligible to be added to your insurance policy with State Farm. Plus, State Farm offers coverage in all 50 states and offers a variety of discounts, just like Assurant’s renters insurance policies.
Lemonade
Many people appreciate that Lemonade is a digitally-powered insurance provider; however, many of its policies aren’t available in all 50 states. The add-on coverage offered by Lemonade isn’t as broad as Assurant, but does include optional coverage for flood insurance or equipment breakdown coverage, also known as appliance coverage.
FAQs
Is Assurant available for renters insurance in all 50 states?
Yes. Assurant offers renters insurance services to all 50 states, as well as the District of Columbia.
Can you buy a renters insurance policy before your lease starts?
Yes. When you purchase insurance coverage with Assurance, you can choose when your policy starts.
Should you list your spouse, roommate, or children to cover their personal property?
That’s not actually necessary. Renters insurance covers your belongings as well as the property of anyone living with the policyholders.
Does Assurant offer insurance coverage for less than a year?
No. As of this writing, Assurant only offers insurance policies for a year. If your lease is longer than one year, your policy will automatically renew after one year. You also have the option of canceling your policy early if your lease ends earlier than a year.
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The bottom line
As far as price goes, you may be able to find a cheaper renters insurance policy from other providers. Even so, sometimes when it comes to insurance products, getting the best rate isn’t as important as getting the best coverage. As far as types of insurance go for renters, Assurant is definitely ahead of the curve. While they do sell a more basic form of coverage, most policyholders with Assurant are taking advantage of its full feature set, including replacement cost coverage and coverage that extends to exterminating bed bugs.
While many people praise the coverage and premiums they get, that’s not to say that Assurant has a spotless record. When it comes to the claims process, customer satisfaction, and customer support, some reviewers have more criticism than appreciation. Additionally, some people will be annoyed that in order to access Assurant on a mobile device, you’ll have to just navigate to their website rather than using an app.
Ultimately, whether or not Assurant fits your needs will be a case-by-case basis. If you have additional living expenses that force your hand into needing better, more comprehensive coverage, then Assurant could be a great option. However, if you’re nervous about the support you’ll receive in the event you must file an insurance claim, you may want to weigh other options, too.
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Writer
Brent Ervin-Eickhoff is a Chicago-based writer, stage director, and filmmaker with a background in digital marketing and content creation. In addition to Joy Wallet, Brent has written for Complex, Volkswagen, HowlRound, Picture this Post, and Third Coast Review, among others. He currently serves as the Associate Director of Marketing for Content Creation at Court Theatre at the University of Chicago. Brent graduated from Ball State University with Academic Honors in Writing.
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