Geico Renters Insurance Review
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If you had to come up with the name of any insurance agency, the chances are high that you’d think of Geico. Known for their comical commercials and, of course, their trademark gecko mascot, Geico has really made a name for itself selling auto insurance, homeowners insurance, life insurance, and more. However, even though they don’t often advertise renters insurance coverage, this is another form of insurance coverage Geico offers.
Living in an apartment, it’s likely that you’ll need to have some form of liability coverage. While not all landlords or states require it (just like not all states require the same kind of car insurance), if you want to protect your personal property while living as a renter, you’ll need to have a renters insurance policy. There are tons of insurance companies out there, so it’s important to do some research before selecting a renters policy.
Will you be happy using Geico Insurance Agency to insure your apartment? Keep reading for a review that goes beyond the catchy advertisements and delves into the pros and cons of their coverage.
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What is Geico Renters Insurance?
Did you know that GEICO is actually an acronym? It stands for Government Employees Insurance Company. Geico was founded in 1936 and has since grown to offer a wide range of insurance options, from insurance of personal belongings and vehicles like ATVs, cars, and motorcycles to homeowners and pet insurance. They also offer renters insurance coverage.
Some of the features of Geico renters insurance include coverage for belongings like appliances and furniture, as well as discounts for certain home safety features, such as security systems. Policyholders who use Geico for other forms of insurance can also get a multi-policy discount when they bundle their renters insurance quote with auto insurance.
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How does Geico Renters Insurance work?
When it comes to signing up for Geico renters insurance, the process is very simple. It all starts by getting a renters insurance quote by entering your zip code on their website to check your rate.
From there, you’ll need to enter your first and last name, as well as your date of birth. Geico will also ask you to fill out information about your address — and it will auto-fill your zip code since you’ve already included it. They’ll also ask you if your lease requires you to carry renters insurance and if you want a secondary renter included on your policy.
Then, all you’ll need to do is enter your email address and you’ll be able to receive your renters insurance quotes and start digging in to what add-ons and coverage limits you’d like.
How much does Geico Renters Insurance cost?
There are a lot of factors that can impact how much you pay for renters insurance. Location, of course, is a big factor, but if you choose to have additional coverage or a lower or higher deductible, that can change things, too. Generally speaking, selecting insurance with higher deductibles will lower your monthly cost, but require you to spend more in order to take advantage of your policy.
One tool that can help you make a more informed decision is Geico’s personal property calculator. It’s a page on their website where homeowners and renters can enter their personal items and estimated values and replacement costs. Geico makes it easy by breaking things down into a broad number of categories you may otherwise forget, including things like linens, silverware, and tools, as well as more common big-ticket items like appliances and electronics.
Geico Renters Insurance features
Renters insurance is usually pretty no-frills when it comes to coverage. Even so, Geico renters insurance does have some perks and features worth drawing attention to.
Easy quote process
If you rent your apartment or home, you may have to move more frequently than someone who owns. This means that you’re more likely to have to update your renters insurance policy or change coverage and address more often. Thankfully, if you’ve chosen Geico, the entire quote process is incredibly easy and straight-forward. It can be completed in under five minutes online, meaning that you can have peace of mind without a major time commitment.
Mobile app
Having a mobile app can make managing your insurance coverage much easier. The Geico mobile app definitely showcases that, giving you access to your policy information whether you’re on an Apple iPhone or an Android smartphone.
Additional coverage options
Beyond offering personal property coverage and personal liability coverage, Geico also allows you to add additional coverage, too. Some things you may choose to add to your renters insurance policy with Geico might be:
- Identity theft coverage
- Disaster coverage for earthquakes or floods
- Replacement cost coverage (which allows you to get the actual value to replace the item rather than the depreciated value)
- Additional personal property coverage (scheduled property) for higher-end items like jewelry or collectibles
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Who is Geico Renters Insurance best for?
When you need an easy, fast process to get insurance coverage, it’s hard to go wrong with Geico. Since they’re available in all 50 states, you don’t have to worry about whether or not they’ll be able to provide you with a good rental insurance policy, and the process is quite fast. Especially if you already have auto insurance with Geico, being able to bundle your insurance coverage and save even more money is a major reason to go with Geico.
Who shouldn’t use Geico Renters Insurance?
If you want to have more control over who actually manages your renters insurance, Geico might not be the best pick. This is because for renters insurance, Geico actually matches you with a third-party company. This means that you also need to file claims with them instead of Geico, which takes some of the convenience out of bundling, even if you do get perks like access to the Geico mobile app and a nice discount.
Pros and cons
Pros
- Fast quotes: Compared to other renters insurance application processes, getting a quote from Geico is exceptionally fast. In just a few questions, you’ll be able to start looking at the cost and coverage options of a variety of renters insurance policies. Geico has really streamlined the insurance quote process.
- Available in all 50 states: No matter where you live in the United States, you’ll have access to Geico as a renter. This is a definite perk if you move frequently or want to keep the same renters insurance provider from undergraduate or graduate housing into the professional world.
- Auto discount bundle: If you have Geico for auto insurance as well, the discount you get from bundling your coverage is a definite win. While this shouldn’t be the only reason you choose Geico for renters insurance, it’s certainly something to consider — especially if you’re already in the market for a new auto insurance policy, too.
Cons
- No choice of 3rd-party company: As was mentioned earlier, when you use Geico for your renters insurance policy, they’ll actually assign you with a third-party company as an underwriter in order to manage your coverage. This isn’t a choice that you have any role in, so if you like to have a bit more control, you may not want to get renters insurance coverage with Geico.
- Limited discount options: Beyond getting a discount for bundling with your auto policy, the only other way to save money on your renters insurance with Geico is through safety or security features like fire alarms, smoke detectors, or security cameras. While these kinds of discounts don’t hurt, they also don’t amount to giving you much control over how much you save.
- Additional coverage may vary: Since Geico uses third-party underwriters for its renters insurance policies, some of the information about what add-on coverage you can get varies from location to location and person to person. The best way to know what you’re eligible for is to get a quote, which doesn’t take long, but is an extra step in evaluating whether or not Geico will truly meet your needs.
Geico Renters Insurance vs. competitors
Geico isn’t the only company on the block if you’re shopping for renters’ insurance. Here’s how Geico measures up to three major competitors: Lemonade, State Farm, and USAA. They were evaluated based on whether they offer coverage in all 50 states as well as their AM Best rating.
Insurance provider | Available in all 50 states? | AM Best Rating | Mobile App |
USAA | Yes | A++ | Yes |
Geico | Yes | A++ | Yes |
State Farm | Yes | A++ | Yes |
Lemonade | No | No Rating | Yes |
USAA
USAA is very similar in its offerings to Geico, as well as the other competitors on this list. While Geico may give you a quote more quickly, USAA is similarly available in all 50 states and has a strong AM Best rating, too. USAA also has a mobile app, just like Geico.
State Farm
State Farm is another comparable insurance company to Geico. Like USAA, it also boasts a mobile app and a strong AM Best Rating. State Farm renters insurance policies are also available in all 50 states. As a result, you should definitely compare State Farm with Geico if you are considering multiple options for your renters insurance policy.
Lemonade
Lemonade is digital-first, so it’s no surprise to see that they also offer a mobile app. However, there are some drawbacks to being the new face in town when it comes to insurance. For starters, they don’t currently have an AM Best rating, so it’s hard to get a pulse on what the largest credit reporting agency thinks of them. Beyond that, Lemonade isn’t available in all 50 states, meaning that you might not be able to receive coverage from them depending on where you live. Compared to other options on this list, Lemonade definitely comes in fourth place, even if it is a convenient option.
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- Starting From $5/mo
- Most loved renters insurance in America
- Covered in as little as 90 seconds
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FAQs
Does Geico renters insurance cover damage from pets?
In most cases, it would. This is because if your pet causes damage to a guest’s property, that would generally be included as a part of your personal liability coverage.
Is it worth it to get renters insurance?
In most cases, yes. If you’re renting, your landlord is the one who owns your apartment or home, which means that they don’t have a policy for your individual belongings. While their insurance may cover structural issues to the exterior of your home, such as vandalism or water damage, if that damage extends to your personal property, it’s important that you have your own insurance policy for the value of the covered loss.
Is Geico available for renters insurance in all 50 states?
Yes! You can get renters insurance from Geico in all fifty states.
The bottom line
There are a few reasons that people may choose Geico for their renters insurance policy. For starters, it’s a reputable company that’s been in business for more than a century, with endorsements and high praise from AM Best. As far as reputable companies go, Geico is up there with other top insurance providers for renters insurance, making it worth budgeting for in addition to your other living expenses like utilities and groceries.
Where Geico falls a little bit short is in how they handle their renters insurance policies. Unlike other companies which handle all of their renters insurance underwriting on their own, Geico will work with and match you to a third-party company to administer your renters insurance policy. In effect, this means that they’re acting more as a broker or middle-man than your actual insurance provider. While you do get the perk of going through Geico when it comes to bundling coverage with auto insurance to save, this may not be the sort of process you’re interested in, which is a major strike against Geico to some policyholders.
Even though retners insurance gets outsourced to a third party, there’s still a lot to love about Geico. From its broad availability in the United States to its mobile app and easy quote process, the insurance provider definitely comes with some serious perks. Ultimately, whether or not you’re comfortable having a portion of your insurance underwritten by a different company will be the deciding point for you choosing Geico or going with a different option.
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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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