Assurant Renters Insurance Review: Cost & Coverage 2023

Assurant costs between $14 and $22 a month and provides coverage for liability and property damage, as do most renters insurance providers. Customers may purchase Assurant’s renters insurance, inquire about coverage, and submit claims by calling or visiting the company’s website. You can also bundle your auto insurance through GEICO with Assurant Renters and save money.

In addition, Assurant Renters Insurance protects pet owners from involuntary unemployment if they become unable to pay their rent following a job loss.

Assurant Renters Insurance

You can get renters insurance coverage from Assurant in every one of the 50 states and the District of Columbia. Customers may purchase insurance, inquire about coverage, and submit claims by calling or visiting the company’s website. In addition to providing renters’ insurance, Assurant also offers extended warranties and replacement plans for a wide variety of consumer electronics, automobiles, and more. On the other hand, the NAIC complaint index shows that the company’s complaint volume is significantly higher than the industry standard.

Assurant’s website provides a thorough breakdown of both the basic and optional renters insurance policies they offer. Renters insurance quotes do not take long to get and do not need a lot of information.

Since Assurant is not a typical property insurer, renters insurance from them cannot be combined with auto insurance for savings. Assurant also does not offer standard discounts like those for safety equipment or claim-free driving.

Assurant Renters Insurance allows you to include your roommate at no additional cost on your policy. You need to only make a note of their name at the time of policy purchase. Since roommates are typically required to have their insurance policies, this is a good opportunity to save money.

Assurant Renters Insurance Coverage

Renters can get comprehensive protection from Assurant, which includes protection against dry rot, fungi, and mold, as well as coverage for their pets and against earthquakes. Customers can pick the policy deductible and extra coverage that work best for them, and the company’s coverage is available all across the country. With Assurant, you can choose from policy limits between $20,000 and $95,000. Coverage limits vary by a total of $5,000. Standard renters insurance from Assurant includes the following protections:

#1. Personal Property Coverage

Personal property coverage will repair or replace any items in your rental home damaged or destroyed by an insured event, depending on the policy’s limits. Damage from things like fire, lightning, smoke, windstorms, hail, theft, vandalism, and burst pipes is covered by Assurant renters insurance.

In addition to the usual perils of theft and fire, a power surge or being run over by a car are also covered by Assurant’s policy. Limits on personal property range from $5,000 to $95,000.

Assurant’s standard policy includes replacement cost coverage, which ensures that you will get the full cost to repair or replace your property rather than just the depreciated value. However, the maximum payout from Assurant renters insurance will be the cost of replacing your belongings minus your deductible, so pick an amount that does not leave you short.

#2. Property Damage Liability

If a fire, flood, smoke, or explosion causes damage to your rented home or the property next door, your Assurant renters insurance policy will pay for the repairs. Anyone on your lease, including a roommate, is covered if they cause damage.

Additionally, policies cover legal and medical costs if a guest gets hurt while staying at your rental home or if you hurt someone else. Accidents resulting from reckless driving, for example, are not covered unless they are preventable.

#3. Mold Damage

The insurance policy covers the replacement cost of personal property that has suffered mold, dry rot, or fungi damage. In addition to that, it is liable for any associated injuries.

Additional Coverage

In some states, renters insurance from Assurant may allow you to add the following protections:

Flood insurance: If a flood forces you to leave your rental home, flood insurance will cover additional living costs, like a hotel stay. If your home’s electricity goes out because of a flood, flood insurance will help you replace those essentials.
Bed bug infestation: If you are forced to relocate as a result of a bed bug infestation, your insurance will cover the cost of a professional exterminator as well as your additional living expenses. The scope of coverage might also include bed bug-related property damage.
Food spoilage: If your power goes out and food goes bad, your food spoilage coverage will pay for new food.
Pet damage: If your pet causes damage to your rental home, pet insurance will help pay for the repairs. Damage from some dog breeds might not be covered.
Water backup: If your home suffers water or sewer damage, your policy will pay for the repairs.
Earthquake: This insurance replaces or repairs your personal property at no cost to you if it is damaged in an earthquake. It also covers lodging costs if you have to stay elsewhere because your rental home was damaged in an earthquake.
Identity fraud expense: This kind of insurance covers the costs you incur as a result of identity theft-related fraud.
Rent protection: If you lose your job and can not afford your rent, rent protection can help. Your renters insurance will help if you become involuntarily unemployed and are unable to pay your rent.

Assurant Renters Insurance Discounts

Assurant does not provide standard discounts for renters insurance. Replacement cost coverage for personal property is an example of an optional extra offered by other insurance companies, but it is part of this company’s standard policies. Roommates can be added to an existing policy at no extra cost to the policyholder.

You can also save money by paying every three months or once a year instead of every month. A liability-only policy from Assurant can satisfy the insurance requirements of a landlord if the tenant lives in one of the company’s participating communities.

Assurant Renters Insurance Cost

Renters insurance from Assurant typically costs between $14 and $22 a month. However, insurance rates are different depending on the state, the policy chosen, and the risk of the person. The price of Assurant renters insurance depends on many things, including where you live, your deductible, the age and type of building, safety features, coverage limits and add-ons, and more.

Your rates are likely to go up if you have a lot of things to cover. Your premium may vary depending on the type of coverage you choose, with replacement cost policies typically costing more than their face value due to inflation. Premiums go up when you include costly add-ons to your policy.

The deductible on your Assurant renters insurance policy can be as low as $100 or as high as $500. In exchange for a higher out-of-pocket maximum, you can reduce your monthly premium payments by increasing your deductible.

Geico Assurant Renters Insurance

If you already have auto insurance through GEICO, you can save money by bundling it with Assurant’s coverage. While Assurant does not publish its rates online, you can request a quote for the coverage you need right from the site. Since Assurant is Geico’s renters insurance provider, the two companies’ fundamental policies will be identical. Consider the availability of supplementary coverage and the quality of the provider’s support services when making a final decision.

Assurant Renters Insurance Reviews

AM Best has given Assurant an A rating, the Better Business Bureau has given them an A+, and more than 9,000 customers have given them an average rating of 4.6 out of 5 stars. The protection plans for mobile devices and appliance warranties offered by Assurant receive the vast majority of the reviews on this website.

Assurant’s prompt claim response, reasonable rates, and excellent customer service have garnered praise from customers who are pleased with their service. Customers who were unhappy with the service complained that the company was unresponsive and took too long to completely settle their claims.

How to File an Insurance Claim with Assurant Renters

Both the Assurant renters app and the website give you access to tools for handling policy changes and filing insurance claims. You can reach someone over the phone by dialing 800-358-0600 for claims or 888-260-7736 for inquiries of a more general nature. The Assurant renters insurance claims line is available 24/7 for your convenience, but claims are only processed Monday through Friday, 8 a.m. to 8 p.m. The same times apply to the general inquiry line.

What is Assurant Renters Insurance?

Having renters insurance is a great way to safeguard your personal belongings. If a fire, flood, smoke, or explosion causes damage to your rented home or the property next door, your Assurant renters insurance policy will pay for the repairs. It covers any other person on the lease, such as a roommate.

Does Assurant cover Roommates?

Assurant will guard not only the possessions of your immediate family but also those of any other members of your extended family who share your home. You also have the option of adding a roommate at no additional cost.

Is Assurant a good Insurance Company?

Assurant renters insurance provides basic protection in addition to coverage for things like mold, pet damage, and rent protection. Additionally, the company is very financially stable. Assurant’s A rating from A.M. Best indicates that the company is solvent and that policyholders have nothing to worry about in terms of claim payment.

What Type of Insurance is Assurant?

Assurant is a frontrunner among global providers of risk management solutions serving the auto, lifestyle, and property protection markets. Accidents, theft, and natural disasters are just a few examples of the risks to property and finances that they assist businesses in mitigating. It offers many different types of insurance to its customers, such as protection against floods, theft, and damage to mobile devices.

How do I make an Assurant Claim?

Obtaining the necessary form is the initial step in the process of submitting a claim. After that, fill out the form and transmit it to us electronically.

How long does Assurant take to Approve?

Customers of Assurant should know that filing a claim could take as long as 15 business days. The time frame can change based on the nature of the claim. A shorter turnaround time may result from a lack of complexity in a claim, such as the need to dispatch a claims adjuster to the scene of the damage.

Who owns Assurant?

Fortis, Inc. is the sole owner of Assurant, Inc. This is a financial services firm with headquarters in New York that offers investment and specialty insurance products to American individuals and businesses. Fortis, Inc. is a subsidiary of the Fortis Group.

Will Assurant replace a lost phone?

With mobile device protection, If your customers experience any problems with their mobile phones, such as a broken screen or a misplaced device, we can help them get back up and running in no time.

Conclusion

Assurant Home & Renters Insurance provides you with the necessary protection as well as the option to add various specialized additional safeguards to your policy. Despite this, the product’s high price and the lack of consistency in the feedback it receives from customers indicate that you might be able to find a more favorable offer elsewhere.

Assurant Renters Insurance Review: Cost & Coverage 2023

Assurant Renters Insurance