GradGuard Renters’ Insurance Review
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Moving away from home to a college dorm? Or maybe you’re living off-campus while taking classes. GradGuard renters’ insurance, designed specifically for college students living away from home, can help protect you financially.
What does this renters’ insurance cover? If a fire in your dorm room destroys your laptop, a GradGuard renters insurance policy will help you pay to replace it. If you accidentally break a window in your off-campus house, your renters’ insurance policy will help cover its replacement costs.
A GradGuard policy pays out, too, if someone steals your bike while you are attending classes or a guest to your dorm room trips and breaks a leg.
And the best news? You don’t have to live in a dorm to qualify for a GradGuard policy. Available at more than 500 colleges across the country, the company’s renters’ insurance protects on-campus and off-campus students.
Is a GradGuard renters’ insurance policy right for you? It might be if you attend a covered school. Ask yourself: How much would replacing the items in your dorm room or apartment unit cost if a fire destroyed your clothing, electronics, cell phones, or furniture? A renters’ insurance policy makes sure that you don’t have to bear the cost of replacing damaged, destroyed, or stolen items on your own.
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What is GradGuard renters’ insurance
GradGuard got its start in 2009, founded by entrepreneurs John Fees and Bill Suneson as a division of Next Generation Insurance, a Phoenix-based national insurance provider of online-based insurance products.
The insurance company provides two types of insurance: GradGuard tuition insurance, which provides financial aid to policyholders forced to withdraw from their university due to mental health conditions, chronic illness, or other covered reasons, and GradGuard renters' insurance policies.
Like all renters’ insurance policies, GradGuard insurance coverage includes both personal property and liability protection.
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Under GradGuard’s personal property protection, you’ll receive a payout if your laptop, gaming device, cell phone, furniture, clothing, or other possessions are damaged, destroyed, or stolen. GradGuard says that its renters’ insurance covers damage from fire or smoke, water damage from burst pipes and sprinkler-head discharges, and theft and vandalism. The company says that most student claims are made because of theft.
Policies also offer personal liability coverage. This kicks in if you accidentally damage your dorm room or off-campus apartment unit, perhaps setting off a sprinkler system that soaks your home, melting a portion of your countertop, or breaking a window. It also pays out if a visitor to your dorm room, apartment unit, or off-campus property is injured. Personal liability will help pay for medical costs or legal fees resulting from such injuries.
GradGuard says its renters’ insurance policies are designed specifically for college students. This includes offering a low deductible. Your deductible is the money you’ll pay out of your own pocket before GradGuard’s coverage kicks in. GradGuard says that it offers policies with deductibles as low as $100. If your computer is damaged by water from a burst pipe, and you file a claim for $1,000 to replace it, you’ll have to pay $100 first before GradGuard covers the remaining $900.
GradGuard doesn’t rely on credit scores when setting premium prices. This can be good news for college students who haven’t taken out enough loans or paid off enough credit card bills to have a credit score. It could be a boon for those who have late or missed payments that have caused their scores to plummet. The company says that all students attending a college campus receive the same premium price regardless of the strength of their credit.
The downside? GradGuard isn’t available everywhere. The company says that it is available at more than 500 colleges. You can search for your school by entering its name in the “Search School” box at the top of this page.
How does GradGuard renters’ insurance work?
Sign up for a GradGuard renters’ insurance policy on this page. To start enrollment, click the “Get a quote” box in the middle of the page.
Once you do this, you’ll be taken to a new page asking for your school. Click the “Select School” box and enter your school’s name in the pop-up search bar. If GradGuard offers policies at your school, you’ll see your college’s logo and a green box that says “GradGuard Partner.” You can then click the “Get Covered” box at the bottom of the page.
You’ll then have the option to select who needs coverage. If you are buying an insurance plan for yourself, click the “Myself” button and the “Next” box at the bottom of the page.
You’ll then have to provide your name and email address. After you provide this, GradGuard will request the date you want your coverage to begin. You can select a date as early as the day after you apply for your policy.
GradGuard will ask whether you are living on campus or off campus. Pick the appropriate option. If you are living on campus, GradGuard won’t need your address. You’ll be covered no matter where you live. If you live off campus, you will have to provide your address.
Once you select the “Next” button, GradGuard will send you your quote. Your quote will include information on how much personal property and liability coverage you’ll receive at that price. It will also include your deductible. You’ll have the option to tweak the suggested coverage and deductible amounts. If you increase your coverage amounts, your monthly premium will rise. If you lower your deductible, it will fall.
To complete the application process, select the “Purchase your policy” box at the bottom of the page. You’ll then have to provide personal information such as your birthdate, graduating class, degree program, phone number, and billing information.
Once you’ve signed up for your policy, you can make a claim whenever you suffer a covered loss. To file a renters' insurance claim, call GradGuard at 800-236-3113. A claims adjuster will contact you within two to three business days to review your claim.
GradGuard says you'll need your policy number and proof that you owned an item that was stolen, damaged, or destroyed. You can use receipts, bank statements, photos, or serial numbers as proof. If you file a claim because something you own was stolen, you must provide a police report.
GradGuard says it usually takes one to two weeks from giving your first notice of a loss until your policy pays out.
If you'd prefer to start the process online, you can file a claim within your online account at account.gradguard.com.
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How much does GradGuard renters’ insurance cost?
The cost of a renters’ insurance policy from GradGuard varies depending on where you live, how much coverage you request, and the size of your deductible.
Say you attend the University of Michigan in Ann Arbor, live on campus, and choose a deductible of $100. For $11.76 a month or $130.12 a year, you will receive $5,000 of property coverage and $50,000 of liability coverage.
If you adjust these coverage levels, your monthly premium will rise or fall. For example, if you boost your personal property coverage to $10,000 and your liability protection to $100,000, you'll pay $13.68 monthly or $153.16 yearly with that same $100 deductible.
GradGuard renters’ insurance features
GradGuard renters’ insurance comes with a variety of features.
- Customization. You can customize your GradGuard policy. You can change your policy’s deductible by increasing or lowering its coverage limits. If you increase your coverage limit, you’ll pay more each month for your policy.
- A low deductible option. Your deductible with a GradGuard policy can be as low as $100. Remember, though, that the lower your deductible, the higher your monthly premium will be.
- Coverage if you are studying abroad. If you study abroad for a semester or more, your GradGuard policy will still cover your personal property if it is damaged, stolen, or destroyed. However, the liability portion of your policy will not extend outside the United States. For instance, if someone is injured while visiting your apartment unit in Spain, your GradGuard policy will not cover any legal or medical fees.
- Your bike is covered. Your policy will pay out if your bike is damaged, destroyed, or stolen. However, motorized or electric vehicles are not covered. This means that electric bikes, scooters, or any mode of transportation designed for street use are not covered.
- Off-campus coverage. You can take out a GradGuard renters’ insurance policy even if you are living in off-campus housing. GradGuard says that your rental company or landlord does not need to be associated with your university for you to purchase a renters’ insurance policy.
Who is GradGuard’s renters’ insurance best for?
A renters’ insurance policy from GradGuard is a good choice for many college students.
- Those looking for an affordable policy. Your GradGuard renters’ monthly insurance premium will vary depending on several factors, including your coverage limits, where you live, and the size of your deductible. But getting a $12 or so policy in monthly premiums is possible.
- Those who have regular visits to their dorm room or off-campus housing. GradGuard’s personal liability coverage kicks in if visitors to your apartment or dorm room injure themselves while at your home. Frequently hosting parties or gatherings increases the chance of someone getting hurt at your home. GradGuard’s liability coverage could save you from a big medical or legal bill.
- Those who don’t have a lot of extra cash. GradGuard’s renters’ insurance policies come with deductibles as low as $100. This means you won’t have to pay much cash out of pocket before your GradGuard coverage kicks in.
- Those with weaker credit scores. GradGuard says that it doesn’t pay premium costs on credit scores. You won’t have to worry about paying extra for your policy if you have a lower credit score.
Who shouldn’t use GradGuard renters’ insurance?
While a GradGuard renters’ insurance policy can be a good value, it is not right for everyone.
- Those who do not attend a covered school. GradGuard does not work with every university or college. If you do not attend one of the more than 500 U.S. colleges or universities affiliated with GradGuard, you will not be able to apply for one of the company’s renters’ insurance policies.
- Those who can find a better bargain elsewhere. The Insurance Information Institute says that the average cost for renters’ insurance was a bit more than $14 monthly as of 2020. If you can find a policy for a lower cost than what you can get from GradGuard, signing up for one that costs less each month might make more sense.
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Pros and cons of GradGuard renters’ insurance
As with all insurance products, there are pluses and minuses with a GradGuard policy.
Pros
- Policies are comprehensive. Though its price tag isn’t high, a GradGuard renters’ insurance policy does provide comprehensive coverage. You’ll get personal property and liability coverage. Your policy will also cover temporary living expenses if your dorm, apartment or off-campus house becomes temporarily uninhabitable.
- Low deductibles. For college students without a lot of spare cash, the standard $100 deductible that comes with a GradGuard policy is attractive.
- You can tweak your policy. You can increase or decrease the amount of coverage you want for personal property and liability protection. Be aware, though, that the more coverage you request, the more your policy will cost each month.
- Policies cover items even when they’re not in your apartment or dorm. Say your laptop is stolen from the library while you are studying. Your policy will cover that theft. Say someone steals your bike while you are visiting a friend. That’s covered, too.
Cons
- Renters’ insurance policies aren’t available everywhere. GradGuard renters’ insurance isn’t available at every college or university. If you’re attending a school that GradGuard doesn’t serve, you’ll have to search for a different renters’ insurance policy.
- Your policy won’t automatically cancel when you move. You’ll have to notify GradGuard that you want to cancel your policy when you move out during the summer or after you graduate. Because GradGuard is a separate entity from your college or university, policies do not automatically expire once the academic year ends. If you don’t cancel, you might end up paying for a month – or more – of coverage that you don’t need.
- Payouts can take a bit of time. You won’t receive an immediate payout if your laptop is stolen or stereo destroyed. GradGuard says that it typically takes one to two weeks from the time you make your claim until you’ll receive your reimbursement.
- Not everything is covered. Your renters’ insurance policy will cover your bike if it is stolen or damaged. But it won’t cover an electric bike or any other vehicle with a motor. Your policy will pay out if someone steals your cellphone or if your phone is damaged or destroyed by a covered peril such as fire, smoke or damage from a burst pipe. It won’t cover your repair costs, though, if you accidentally damage your phone. If you drop your phone and crack its screen, your renters’ insurance won’t pay for repairs. Make sure you understand what is and isn’t covered.
GradGuard vs. competitors
Company | Coverage | Price | Discounts |
GradGuard | Basic renters’ insurance includes personal property, liability, and temporary living coverage. Deductibles can be as low as $100. | Varies according to coverage, deductible, and where you live, but you can get solid coverage for less than $12 a month. | GradGuard doesn’t list any discount options. You can save money each month by increasing your deductible or lowering your coverage limits. |
Policies include personal property, liability, and temporary living expenses. Renters can also add extra coverage for more expensive items. | Lemonade renters’ insurance policies average $14 a month. | You’ll earn a discount if you bundle your policy with pet, life, or auto insurance. | |
Travelers | Travelers is a large national brand that offers personal property, liability, and temporary living expense coverage with its renters’ insurance policies. | Travelers customers pay an average of $17 monthly for renters’ insurance. | Discounts are available for bundling policies or having smart-home technology, security systems, or fire alarms in your apartment. |
Lemonade
New York City-based Lemonade offers affordable insurance policies and operates an online-only service model. According to Lemonade's website, the average price of a Lemonade renters' insurance policy across the United States is about $14 monthly as of Aug. 1, 2023.
Lemonade says it approves customers for renters’ insurance policies quickly, with its policies becoming active as early as 12:01 a.m. on the day after its customers activate them.
Lemonade’s policies include personal property protection, liability coverage, and coverage for temporary living arrangements. You can adjust your coverage levels and deductibles and add extra coverage for more expensive items. You can save money by bundling your renters’ insurance policy with Lemonade’s auto, pet, or life insurance.
Lemonade does not offer live agents. This is an online-only company where you must sign up for your policy and file your claims through the company’s website or app.
Travelers
One of the bigger names in the insurance business, Travelers offers renters’ insurance nationwide. The company says its average renters' insurance policy costs about $205 yearly, or slightly more than $17 monthly. Your premium will vary depending on where you live, your coverage limits, and how much liability coverage you choose.
A Travelers insurance policy will cover your personal belongings against loss or damage, legal costs for accidental bodily injury or property damage to others, living expenses when you can't live in your rental because of a covered loss, and any improvements that you made to your rental that are damaged because of a covered loss.
You might qualify for discounts if you have more than one insurance policy with Travelers, security systems in your home, fire alarms installed, or smart-home technologies that keep your residence safer.
GradGuard FAQs
Who can apply for GradGuard renters’ insurance?
GradGuard is available to students at more than 500 colleges and universities across the country. To find out if GradGuard is available at your school, visit its website and type your school’s name in the “For schools” search box at the top of the page.
What does GradGuard cover?
Your renters’ insurance policy will help you cover the costs of replacing items that are damaged, destroyed or stolen. Your policy will also help cover medical expenses and legal fees if someone is injured while visiting your apartment, dorm or off-campus housing and cover your living expenses if your home becomes temporarily uninhabitable and you must live elsewhere.
How do I make a change to my renters’ insurance policy?
You can update your coverage limits, notify GradGuard that your address has changed or make any other changes to your policy on the wesbite or by calling GradGuard at 866-985-7598.
Who underwrites GradGuard renters’ insurance?
Markel American Insurance Company based in Waukesha, Wisconsin, underwrites GradGuard renters’ insurance.
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The bottom line
If you don’t have a lot of spare cash, a renters’ insurance policy from GradGuard could be worth it and offer you peace of mind. GradGuard offers policies with deductibles as low as $100. This coverage could work, too, if you have a weak credit score or no credit at all: GradGuard does not base the cost of its premiums on credit scores, meaning you won’t pay more even if your credit isn’t stellar.
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Writer
Dan Rafter is a freelance writer who has more than 20 years experience covering personal finance. He's written for the Chicago Tribune, Washington Post, Bankrate, CreditCards.com, Rocket Mortgage, NortonLifeLock and several others.
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