Apartment seekers have many decisions to make, whether it’s location, price, amenities or transportation. One “to do” that tends to sit at the bottom of the list is whether to get renters insurance or not.
Though this may not be the most important decision to make, it should be an easy one for most renters as it’s not very expensive; the average annual cost is only $192. So why doesn’t every renter have insurance?
Many renters get overwhelmed, as they need to gauge the value of their personal belongings, select coverage, and then pay a monthly cost. On the flip side, renters who don’t have insurance and endure a loss in their home may find the cost of replacing personal belongings to be prohibitive.
This is where renters insurance helps.
It not only covers personal possessions in a theft, but also often losses from: an explosion, fire or smoke, lightning, vandalism, water damage, and windstorms. Many insurance policies will have a cap on their coverage, but companies typically offer additional coverage at a price.
This article looks at the options Assurant Renters Insurance offers to renters.
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In 1947, the Florida-based Assurant opened its doors for business. Although it started as a small agency, today it’s a Fortune 500 company and specialty insurance leader. The company has strong commitments to its customers, service, technology, and a suite of flexible tools.
When it comes to Assurant’s renters insurance, there is something for everyone with its extra offerings. This includes: earthquake coverage, identity fraud expense, involuntary sewer or drain backup, pet damage, replacement cost, and unemployment insurance.
Assurant Renters Insurance Overview
According to Assurant’s website, it only takes two minutes for renters to apply for coverage. The company also states premiums can start as low as 44 cents per day.
To begin, consumers will select their state from the drop-down menu and add their zip code. A few questions will be asked about property type, lease requirement, number of losses in the last three years, owning an animal, and the policy’s effective date.
Assurant will then supply a quote with three 12-month terms.
Based on a $100,000 liability coverage policy, rates included: $12.59/month ($151 annually), the most popular $16.50/month ($198 annually), and $21.75/month ($261 annually). The quote also includes various personal property values and $250 deductibles (at the renter’s discretion).
Renters can select a payment plan from a $33.01 down payment ($21 10-monthly payments) to the $198 annually—the best value—by paying in full.
Assurant notes the average renter purchases a $25,000 coverage policy; however, coverage options range from $5,000 to $95,000, depending on your state of residence.
Assurant offers deductible amounts between $100, $250, or $500. Note this only applies to personal property claims, not personal liability claims.
In addition, Assurant’s insurance policy also encompasses additional living expenses. This will pay a “reasonable and necessary increase in living expenses (housing, food, etc.) incurred so the renter can keep their normal standard of living, until the home is either repaired or the renter permanently relocates after a covered loss.”
Requirements to Get Insured
Assurant doesn’t list any requirements, but regardless, it’s always ideal to have a good credit history and live in a low-risk area.
Coverage is available in all 50 states and Washington, D.C.
There aren’t any notable disadvantages to Assurant’s basic coverage.
Assurant offers a toll-free number for prospective policyholders to ask questions and purchase a policy. Hours are from 8 a.m. to 10 p.m. EST, Monday through Friday, and 8 a.m. to 5 p.m. EST on Saturdays.
For current policyholders, they can call a toll-free number (8 a.m. to 8 p.m. EST) or go online to MyAssurantPolicy.com. This website can be used for billing, proof of insurer, paperless preferences, coverage limits, and changing addresses within the same state.
As for ratings, Assurant’s underwriters have an “A” (Excellent) rating by A.M. Best Company. Policyholders’ reviews are based on its website, ranging from one to five-star reviews.
Assurant has affordable basic and extra coverage in all 50 states. It offers a comprehensive website with a lot of information and functionality. Here is some basic information to keep in mind:
- Assurant offers insurance in all 50 states.
- Coverage comes in three tiers with a price point for everyone.
- The website includes a lot of functionality, from obtaining coverage information, to enabling policyholders to manage their accounts.
- Assurant’s specialty coverage is niche and may be a difference maker for some consumers.