5 Savvy Tips to Slash Your Assurant Renters Insurance Costs

Assurant Renters insurance is an important way for renters to protect their possessions and assets. This type of insurance provides coverage for a renter’s personal property in case of damage or theft. Choosing the right renters insurance policy and provider is an important decision.

This article will provide an overview of Assurant renters insurance. It will cover what renters insurance is, the key coverages and benefits offered by Assurant, its claims process, customer reviews, and alternatives to consider. By the end, you’ll have a good understanding of whether Assurant renters insurance is the right choice for your needs as a renter.

What is Renters Insurance?

Renters insurance provides protection for your personal belongings and liability coverage as a tenant. It’s an essential part of any renter’s insurance plan.

Unlike homeowners insurance, renters insurance only covers your possessions, not the dwelling itself. The landlord’s insurance policy covers damage to the building’s structure.

Renters insurance protects you from two major losses:

  • Damage or theft of personal possessions – Renters insurance covers the replacement cost for your belongings if they are stolen or damaged by covered perils like fire, smoke, vandalism, or water damage from burst pipes. This includes furniture, electronics, jewelry, clothes, and more.

  • Liability protection – If someone is injured in your rental, renters insurance covers their medical bills and legal defense costs up to the liability limits. This protects you from lawsuits or hefty out-of-pocket expenses.

Renters insurance provides peace of mind at an affordable price. Premiums often start under $15 per month. Compared to the value of your possessions and liability risks, it’s a small investment to safeguard your finances.

Renters insurance is crucial for renters because it fills gaps left by the landlord’s policy:

  • The landlord’s insurance only covers the building itself, not any of your belongings inside. Without renters insurance, you’d have to pay out-of-pocket to replace stolen or damaged items.

  • You are liable for accidents that happen in your unit. Without liability coverage, you could face expensive medical and legal bills if someone gets injured.

Renters insurance gives renters comprehensive protection that landlords’ insurance simply does not provide. All renters should strongly consider getting a renters insurance policy to properly safeguard their assets and avoid major financial disruptions.

Overview of Assurant

Assurant dates back to 1892 with its origins in vehicle warranties. Since then, it has grown into a global Fortune 500 company that provides insurance products and services to clients worldwide. Headquartered in New York, Assurant employs approximately 14,000 people and serves clients in 21 countries.

Assurant offers insurance for mobile devices, vehicles, renters, and buyers of major appliances, furniture, and electronics. The company specializes in protection plans and related services for high-value products, with a focus on providing an exceptional customer experience when clients need to file claims or receive support.

With 116 years in business, Assurant brings a long track record of experience in insurance and risk management. The company insures over 300 million consumers worldwide and processes 20 million transactions annually in the 21 countries it serves. Assurant holds an A.M. Best rating of A-, indicating excellent financial strength and ability to meet obligations.

Assurant Renters Insurance Coverage

Renters insurance from Assurant provides coverage for your possessions and liability in the event of damage or loss. Key coverages include:

Personal Property Coverage

This protects your personal belongings in the rental unit against theft, fire, lightning, windstorm, hail, explosion, smoke, vandalism, and more. It covers replacement cost for stolen or damaged items up to the limits of your policy. Make sure to document your valuables with photos/receipts and purchase sufficient coverage.

Liability Coverage

If someone is injured or their property is damaged in your rental unit or from your negligence, liability coverage pays for their medical bills, legal judgements and defense costs up to the policy limit. It protects you from expensive lawsuits. Standard policies offer $100,000 in coverage.

Loss of Use Coverage

If your rental unit becomes uninhabitable due to a covered loss like fire or storm damage, this coverage pays additional living expenses like hotel, restaurant meals and storage costs. It covers the difference between your normal living expenses and additional temporary living expenses.

Medical Payments Coverage

This optional coverage pays medical bills for non-resident third parties who suffer bodily injury from an accident in your rental unit or on the premises, regardless of fault. It serves as an additional layer of liability protection.

Other Coverages

Additional options may include loss assessment coverage for special assessments if the building suffers a loss, coverage for damage done by pets, identity theft protection, and more. Discuss your specific needs with an agent.

Having the right renters insurance ensures you are protected against unforeseen losses as a tenant. Assurant offers customizable policies.

Additional Assurant Renters Insurance Benefits

Assurant offers a few additional benefits with their renters insurance policies beyond the standard coverage:

  • Replacement cost coverage – Many insurers will only cover the depreciated value of your belongings if they are damaged or stolen. But with Assurant, your policy can include replacement cost coverage so you can replace your items at today’s prices without any deductions. This is important for electronics, appliances, and other items that depreciate quickly.

  • No deductible for claims under $500 – Assurant waives your deductible if you have a claim that’s under $500. So for small claims, you won’t have any out-of-pocket costs.

  • Identity theft protection – Identity theft coverage can provide expense reimbursement if your identity is stolen. Assurant includes up to $25,000 of identity theft protection with their renters insurance. This covers costs like lost wages, attorney fees, and fraudulent account charges.

  • Electronics coverage – You can add special electronics coverage to your policy to protect laptops, TVs, gaming systems, and other expensive electronics. This covers theft, accidental damage, and mechanical failure after the manufacturer’s warranty expires.

  • Scheduled personal property coverage – For valuable items like jewelry, art, musical instruments, and collectibles, you can schedule them individually on your policy to make sure they are fully covered for their replacement cost.

  • Worldwide coverage – Your belongings are covered if they are lost, stolen, or damaged anywhere in the world, not just at your rental residence. This is good for situations like theft during travel.

So in summary, Assurant renters insurance provides robust coverage options that go beyond the basics. Features like replacement cost, identity theft protection, and worldwide coverage add important protections for renters.

Discounts and Bundles

Assurant offers a few different ways to save money on your renters insurance policy. Here are some of the key discounts and bundling options to know about:

  • Multi-policy discount – You can get a discount of up to 15% if you bundle renters insurance with other policies from Assurant, such as auto or powersports insurance. This is a great way to consolidate multiple policies with one insurer and save.

  • Pay-in-full discount – Paying for your entire 6-month or 12-month policy upfront rather than in monthly installments qualifies you for up to a 5% discount.

  • New movers discount – If you’re signing up for a new renters insurance policy because you just moved into a new rental, you may be eligible for 10% off your first year’s premium.

  • Safety features discount – Adding safety features like deadbolt locks, a security system, or fire extinguishers can earn you up to 5% off.

  • Claims-free discount – If you go multiple years with no claims filed, you can qualify for a discount up to 15%.

  • Long-term customer discount – Loyalty is rewarded with savings of up to 10% if you continuously renew your renters policy with Assurant.

  • Paperless discount – Opting for electronic documents and paperless billing nets you about 5% off.

Taking advantage of discounts and bundling opportunities is a smart way to lower your premiums on Assurant renters insurance while still getting robust coverage. Check with an agent to see if you’re eligible.

Claims Process

The claims process with Assurant is straightforward. Here are the key steps:

  • Report your claim as soon as possible. You can file a claim by calling Assurant or through their online portal. Have information about your policy and details about the loss ready.

  • Assurant will assign an adjuster to your claim, who will contact you within 24 hours. The adjuster will ask questions about what happened and request any supporting documentation.

  • If approved, the adjuster will explain your coverage and options on how to get reimbursement or repairs. For personal property claims, you may get a cash settlement or replacement of items. For liability claims, Assurant pays the party you’re responsible to.

  • Assurant aims to resolve claims quickly. You’ll get status updates throughout the process. Timeframes depend on claim complexity and volume.

  • If there are any disputes about the claim decision, you can call Assurant and escalate to a manager. There is also a formal appeals process.

  • Assurant provides 24/7 customer service for questions about your claim. Be responsive to your adjuster’s requests to expedite processing.

  • Make sure to take measures to prevent further damage after a loss. Document and keep receipts for any related expenses.

The claims experience is a key part of insurance. Assurant’s streamlined process and responsive adjusters make it easier to recover from mishaps as a renter. Reach out for assistance any time a loss occurs.

Customer Reviews

Most customers are satisfied with Assurant renters insurance and report having a positive experience overall. Many reviewers say the claims process with Assurant is speedy and hassle-free, with helpful claims representatives who guide them through each step. Customers also appreciate the various discounts and bundles offered by Assurant, which can help lower premium costs.

The majority of online customer reviews for Assurant are positive. On websites like TrustPilot, Assurant has an average rating of 4/5 stars based on several thousand reviews. The most common pros highlighted include reasonable rates, ease of bundling policies, fast claims payments, and good customer service.

However, there are some negative reviews from customers who have had trouble getting payouts for claims. Complaints mention denied claims, low-balled reimbursements that don’t fully cover losses, and difficulty providing sufficient documentation for claims adjustment. Some customers say the claims process took longer than expected. Still, these types of complaints are in the minority compared to positive reviews.

Overall, most customers seem pleased with Assurant and say they would recommend the provider to others looking for renters insurance. The benefits and affordable premiums outweigh the drawbacks for many policyholders. But it’s still important to read multiple reviews to get a balanced view before choosing Assurant.

Alternatives to Consider

When shopping for renters insurance, it’s a good idea to get quotes from multiple providers before deciding. Here are some top alternatives to consider besides Assurant:

  • State Farm – The largest home insurer in the U.S., State Farm offers renters insurance starting around $10/month. Customers can bundle policies for additional discounts. State Farm is known for great customer service and a large network of local agents.

  • Allstate – Allstate provides affordable renters insurance and plenty of discounts, like bundling home and auto policies. Allstate offers robust protection for valuables and liability coverage up to $300,000. Customers can easily manage policies and file claims on the Allstate mobile app.

  • Farmers – Farmers Insurance allows online quotes and policy management. Renters can get discounts by bundling with other policies or having security systems installed. Farmers provides identity theft protection and coverage for expensive items like jewelry and art collections.

  • Lemonade – A newer insurtech company, Lemonade offers low cost renters insurance starting at around $5/month. The claims process is very fast through AI bots, and premiums go towards social impact initiatives. However, Lemonade currently only operates in certain states.

  • GEICO – Known for auto insurance, GEICO also provides renters policies starting around $10/month. GEICO offers discounts for bundling home and auto coverage. Customers can easily get a quote and buy a policy online. However, GEICO does not have local agents.

Comparing quotes among the top renters insurance providers is the best way to find the right coverage options and premiums for your needs and budget. Consider discounts, add-ons, claims processes, and customer service when choosing.

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