Millennial Specialty Renters Insurance Review
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You never know what can happen to your rental unit. A robber can steal your belongings, a downpour can flood your unit, or something else can happen. A renter’s insurance policy offers financial protection from various scenarios. This safety precaution makes it easier to get back on your feet if something happens to the unit or your belongings.
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What is MSI?
MSI is short for Millennial Specialty Insurance. The firm has been around since 2015 and offers a mix of personal, commercial, and specialty insurance policies. MSI touts simple-to-understand policies and super-fast claims servicing for its products.
The founder-led company strives to create and scale quality insurance products. MSI has several subsidiaries that offer additional resources for businesses and consumers, including AURA, LeaseTrack, Preferred Property Program, and Scale Underwriting.
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How does MSI Renters Insurance work?
MSI is a Managing General Agent (MGA) that partners with agents & brokers, brand partners, carriers & reinsurers, and underwriting entrepreneurs to offer renter’s insurance policies to residents. The company handles the backend so insurance sellers can focus on reaching buyers.
MSI also handles claim requests. Anyone interested in partnering with MSI must complete a brief form requesting your name, email, and phone number. After filling out the policy information, you will receive an email with additional steps.
How much does MSI Renters Insurance cost?
MSI renter’s insurance premiums vary based on your location, coverage, and other factors. However, the company has multiple coverage types, making finding a policy tailored to your needs easier. MSI offers flexibility with its policies and has a few core options: basic, premium, liability, and medical coverage.
For most people, basic coverage is sufficient. However, the other three policies offer more financial protection. Renters can opt for $10,000, $15,000, or $30,000 in personal property coverage. The least expensive plan starts at $10/mo. MSI Renter’s Insurance also comes with $100,000 in liability insurance.
Getting a renter’s insurance policy through MSI’s subsidiary, LeaseTrack is also possible. You can fill out a short form to discover how much your premium will be. LeaseTrack also lets companies track the compliance of each tenant in the system. That way, you can monitor if your tenants have renter’s insurance or if anyone violates the lease terms.
MSI caters to people with varying budgets. Renters looking for an affordable policy may opt for a lower coverage limit and a higher deductible. However, taking this path can incur more out-of-pocket costs if your belongings get damaged. Each MSI renter’s insurance policy gives investors several opportunities to reduce their premiums. Welcome and loyalty discounts are some of the available options.
MSI Renters Insurance Features
Personalized insurance policies
Tenants can adjust their renter’s insurance policies to make sure the policies align with what they need. MSI makes policies easy to understand.
Super-fast claims servicing
MSI touts its ability to process claims quickly and reimburse policyholders for valid claims.
Nationwide availability
MSI is available in all 50 U.S. states. You won’t have to worry about being ineligible for the company’s policies based on where you live.
Guaranteed acceptance
MSI makes it easy for tenants to get approved through its guarantee.
Onshore call center support
You can get your questions answered quickly by getting on the phone with MSI’s team.
LeaseTrack
This subsidiary offers easy access to renter’s insurance quotes and lets companies stay on top of each tenant’s compliance. This software automates your renter’s insurance requirement without changing your existing property management software or existing renter’s insurance program. LeaseTrack integrates with Propertyware, Yardi, Entreat, Rent Manager, and other popular systems.
AURA umbrella solution
This subsidiary specializes in umbrella policies for habitation real estate and hotel/motel risk. The company’s carriers are rated as AM Best A (Excellent) or better and are available in all 50 U.S. states. The limit options range from $5 million to $100 million.
Preferred property program
This subsidiary offers competitive terms and allows you to submit an online application. The company offers a few standard insurance products like residential & commercial packages, low-limit products, cyber insurance, and others. The subsidiary also offers risk-purchasing products. Eligible business classes include hotels, condos, community associations & apartments, and commercial lessors risk.
Scale underwriting
This subsidiary allows modern brokers to use smart, tech-enabled insurance underwriting. Scale Underwriting offers D&O, EPL, and Contract Frustration insurance products. The company is efficient and offers unambiguous quotes.
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Who is MSI Renters Insurance best for?
Renters looking for a good deal. MSI has reasonably priced insurance policies that make it easier to manage. Making sure the insurance premiums take up less space in your budget allows you to work on other financial goals while knowing your belongings are insured.
Companies that want to sell renters’ insurance. MSI specializes in renter’s insurance. Instead of building an in-house team from scratch, that company can partner with MSI to offer policies. This approach can save landlords a lot of time and money while giving tenants the protections they seek.
Renters in the U.S. MSI offers insurance policies throughout the United States, including Alaska and Hawaii. MSI Renters Insurance may be a good choice if you rent in the U.S. and compare options.
Consumers who want flexibility. MSI lets consumers choose from multiple levels of coverage and allows tenants to customize their policies.
Who shouldn’t use MSI Renters Insurance?
People who want to work with established insurance companies. MSI has only been around since 2015. Other insurance companies have more history and have endured various economic conditions. However, the company has served over 1 million customers and has written over $660 million in premiums.
Consumers outside of the U.S. MSI serves all 50 U.S. states but does not have an international presence.
Pros and cons
Pros
- Customized policies give consumers more flexibility.
- Several coverage options allow consumers to find affordable policies and more
- Expensive products that offer more protection.
- MSI policies have competitive premiums.
- Consumers have several opportunities to receive discounts on their policies.
- MSI streamlines renter’s insurance for carriers, brokers, and other groups.
Cons
- MSI is a less established insurance company.
- MSI has a low B- rating on the Better Business Bureau and is not BBB accredited.
- The company has several bad reviews and complaints on the Better Business Bureau.
- MSI doesn’t show as much information on the site for residents compared to other insurance companies.
MSI Renters Insurance vs. competitors
It’s normal to shop around when looking for renter’s insurance or any policy. MSI offers competitive insurance rates and flexibility, but it’s important to consider the competition as well. These are some of the insurers that are also offering renter’s insurance policies.
Renter Insurance company | Customizable Policies | Lowest premium | Personal liability coverage |
MSI Renters Insurance | Yes | $10/month | Yes |
Yes | $12/month | Yes | |
Yes | $11/month | Yes | |
Allstate Renters Insurance | Yes | $4/month | Yes |
GEICO Renters Insurance
GEICO offers personalized coverage for its renter’s insurance policies. The policy can cover fire & smoke damage, vandalism, weather impact, and water damage. Water damage must be accidental and not due to flooding. You can have personal liability coverage included in your policy to help with medical expenses for visitors if anyone gets injured in your unit. This coverage can also help cover legal expenses.
The insurer has been selling policies since 1936 and is based in Fort Worth, Texas. GEICO makes bundling renter’s and auto insurance easy to save money on both policies. You can start with a renter’s insurance policy with monthly premiums as low as $12. Some policies also include coverage if your unit becomes uninhabitable and you must temporarily live in a hotel. Policies offer coverage for various weather events, including windstorms and snow.
State Farm Renters Insurance
State Farm is more expensive than most insurance companies but offers great coverage. The policy covers accidents related to fires, smoke, covered water, wind, theft, vandalism, and other events. State Farm Renter’s insurance also covers items stolen in your car. You can use add-ons like identity theft coverage and pet medical insurance for additional protection. If the property becomes uninhabitable, a State Farm policy will give you up to 24 months of coverage. However, you must return to the units as soon as possible, even if you move back in less than 24 months.
State Farm has inflation coverage, which increases your policy coverage each year based on the inflation rate. This adjustment allows you to have the same amount of protection each year without paying higher premiums. The insurer has many policies under one umbrella and has been around since 1992. The company is based in Bloomington, Illinois.
Allstate Renters Insurance
Allstate has been around since 1931 and offers various insurance policies, including renter’s insurance. The company is headquartered in Northfield Township, Illinois. You can find affordable rates for its renter’s insurance starting at $4/mo. The average monthly premium for a policy is about $16. You can request a free quote online to see how much you will have to pay for a policy. Allstate has several discounts available that can reduce your premium.
Some available discounts include multi-policy discounts, easy pay plans, windstorm mitigation, and 55+ retired. Allstate can cover various risks. Theft, fire, smoke, and vandalism are included in the policy. Allstate also offers coverage for water damage related to plumbing, a furnace/AC, or a water heater. The insurer does not offer coverage for floods. A standard renter’s insurance policy includes personal property coverage, reimbursed living expenses, liability protection, and guest medical coverage. Policy premiums vary based on your deduction, coverage, and limit.
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- Most loved renters insurance in America
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FAQs
Is renter’s insurance required?
While there aren’t any federal requirements to take out a renter’s insurance policy, most
landlords may require that you have a policy. You will have to check the terms of the
agreement before signing a lease. It’s a good idea to expect that you will need renter’s
insurance to become a tenant and calculate how that will affect your budget.
Is renter’s insurance worth it?
Most renter’s insurance policies don’t cost much each month. Many tenants may only
have to pay $150-$250 per year in premiums. That investment offers greater peace of
mind and can be worth it for many consumers.
Does each roommate need a policy?
Most insurance companies will want each roommate to have their own policy. You
typically can’t have two people under the same renter’s insurance policy.
Is it bad to cancel your renter’s insurance?
Canceling your renter’s insurance is often a violation of the lease and will also remove
your insurance coverage. A violation can result in fees and a possible eviction. It is often
a good idea to keep your policy until you become a homeowner. If you want to reduce
your costs, you can opt for lower coverage or a higher deductible.
Do renter’s insurance premiums vary by state?
Yes. Policies vary by state and location. There are other factors that also impact
premiums, such as how much coverage you need, your limit, and your deductible.
The bottom line
Most landlords require renter’s insurance. Even if it’s not required, the insurance policy provides extra financial protection if something goes wrong. Most policies only cost $150-$250 per year, depending on the coverage, limit, and deductible. When comparing renter’s insurance policies, you can choose from many insurers. MSI is a newer company but has written many policies for renters. The company has over 1 million customers. The managing general agent also specializes in homeowners insurance and flood insurance. You can get a quote from MSI within a few minutes through LeaseTrack to see the premiums. MSI also partners with many companies to streamline the business model.
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Writer
Marc Guberti is a business freelance writer who specializes in personal finance, digital marketing, and entrepreneurship. His award-winning book "Content Marketing Secrets" teaches readers how to create, promote and optimize content for growth and revenue. Marc also hosts the "Breakthrough Success Podcast," where listeners learn how to master content marketing and get more clients.
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