Nationwide Renters Insurance Review 2023: All to Know

Nationwide Renters Insurance Review 2023: All to Know
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Renters insurance covers your personal belongings in rented housing against unforeseen events like theft, fire, and sewer backup damage and reimburses you for lost or damaged items. If someone gets hurt on your property, it may also help shield you from liability. This article provides a review of Nationwide Renters Insurance and all the information you require regarding the insurance company in 2023.

What is Nationwide Renters Insurance?

Nationwide Renters Insurance, originally known as the Farm Bureau Mutual Automobile Insurance Company and headquartered in Columbus, Ohio, began offering car insurance to farmers only in 1926. In 1955, the business changed its name to Nationwide Insurance. 

Today, Nationwide provides a comprehensive selection of personal and business insurance products, including coverage for automobiles, homes, businesses, farms, lives, pets, motorcycles, and boats. Mutual funds and other financial products are also available.

Nationwide Renters Insurance Review 

The typical protection offered by the majority of renters insurance policies, such as that for personal property, personal liability, medical expenses, and loss of use, is available on Nationwide. The business also provides extra protection for high-value things like jewelry, water damage from sewage or water backups, and earthquake damage. However, Nationwide does not cover a roommate’s goods or damage from floods, which is typical for renters insurance.

Furthermore, renters have two options for submitting claims: either by phone or online. Customers can check online by entering their ZIP code to see whether a renters insurance quotation is available; they might need to call a Nationwide agent to get a quote.

Overall, although Nationwide provides renters insurance in the majority of states, it does not do so in Alaska, Florida, Hawaii, Louisiana, Massachusetts, New Jersey, or New Mexico. 

What does Nationwide Renters Insurance cover?

The following categories of renter insurance coverage are provided by Nationwide Renters Insurance:

#1. Guest Medical Protection:

This benefits guests who have injuries while on your property. Regardless of who is responsible for the accident, it can assist in paying the necessary medical bills. Ambulance rides, X-rays, surgeries, and hospital stays are frequently included in the list of medical expenses that are typically reimbursed. Please take note that anyone living in the house or listed on your insurance policy is not covered by the guest’s medical coverage.

#2. Personal Property Protection:

Your home’s possessions, including your furniture, are covered by this insurance. Additionally, personal property insurance could assist you in covering the expense of replacement if they are destroyed or stolen.

#3. Reimbursed Living Expenses:

After a covered loss that exceeds the insured’s typical expenses, this coverage pays the insured the costs of sustaining a comparable quality of life. For instance, it might cover a claimant’s hotel expenses while fire damage to their home is being fixed or replaced, or while they are waiting to relocate into a permanent home.

#4. Renters Liability Coverage:

Your renter’s personal liability insurance can help pay for the relevant legal fees and damages if a claim is made against you or you are sued as a result of an insured event. Additionally, your renter’s insurance coverage might be able to help defend you, for instance, if a visitor falls and fractures a leg while unintentionally tripping in your apartment.

Customers of Nationwide Renters Insurance may additionally include the following riders or endorsements in their policies:

#5. Coverage of earthquakes:

This addresses some of the losses and harm that earthquakes may inflict on your residence, your possessions, and other structures on your land.

#6. Prevention of Identity Theft:

This add-on guards homeowners against identity theft and covers the expense of identity restoration.

#7. Coverage for Sewage and Drain Backup:

Your ability to fix water damage from failed sump pumps, overflowing drains and sewers, and damage brought on by water rising from the earth is made possible by this coverage.

#8. Important Items:

Items like pricey collections, engagement rings, watches, and other valuables are protected from theft, loss, or damage by valuable personal property coverage.

Nationwide Renters Insurance Cost

Neither Nationwide’s renters insurance is the most affordable nor the most expensive. According to the estimate, their charges will be in the region of $15 to $20 per month, which puts them at or slightly over average.

The following factors will affect how much your renter’s insurance will cost:

  • The city, state, or neighborhood where you rent
  • The age, condition, and size of your building
  • The value of your possessions
  • Your coverage limits
  • Your deducible

Is Nationwide good with insurance claims? 

Users gave Nationwide’s customer service a 4.2 out of 5.0-star rating for satisfaction during the claims process. In addition, respondents gave the business a 4.2-star rating for their satisfaction with the resolution of the issue.

Is Nationwide a good home insurance company? 

Nationwide provides a wide range of insurance products. Nationwide is a good option if you’re searching for a single business to work with to receive all of your coverage.

Furthermore, the organization offers a few things that aren’t common on many insurance policies with its house and renter insurance products. For instance, just provide coverage at the replacement level. You only receive compensation to replace your destroyed possessions in like-new condition. Additionally, Nationwide provides brand-new possessions coverage, providing you with enough cash to replace your possessions with the updated model. 

How long does Nationwide take to process a claim? 

Within 30 days of receiving a claim, it will be processed. For payment, a request for more information (an incomplete claim form or additional medical documents are required) or a denial (an ineligible service or condition) will all be possible responses. On behalf of your client, you might ask for a review of the claim.

Which insurance company is best for claim settlement? 

Max Life Insurance has a claim settlement percentage of over 95%, which is the greatest in terms of the number of claims for the year 2021–2022.

How does Nationwide pay claims? 

Depending on the specifics of your claim, you might get a check in the mail, or the insurance company might pay your suppliers. Note that the total compensation you get will depend on the scope of your policy’s coverage and the particulars of your claim.

Is nationwide insurance financially stable? 

Having its roots in asset management and a long history of methodical investing, Nationwide Insurance is a U.S.-based business with a solid and stable financial foundation. Nationwide has the resources to cover client claims. This is supported by its A+ (superior) rating from AM Best.

What insurance company is most reliable? 

AXA is one of the top insurance organizations in the world, with significant operations in savings, asset management, life insurance, and property and casualty insurance.

How much is renters insurance in Oklahoma?

In Oklahoma, renters insurance typically costs $153 a year. The national average is $7 more expensive here. Note that your premiums will depend on how much personal property you retain.

Can you get money back from Nationwide if you were scammed? 

You will be questioned about the payment if you call or visit the branch. Nationwide will examine the information and let you know if they have any reason to believe it’s a fraud. If it turns out to be a fraud, they will refund every cent you paid.

How does Nationwide issue refunds?

Nationwide will return any funds deducted from your account without your consent using:

  • Banking app. 
  • Internet Bank. 
  • Open banking service.


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