What we like:
Numerous optional coverages available
|J.D. Power Overall Satisfaction Rating||2 out of 5 stars|
|A.M. Best Rating||A+|
|Discounts||Multi-Policy, Protective/Security Device, Claim-Free|
Renters insurance, also called tenant insurance, is a type of coverage that protects your property from loss, for example, due to theft or natural disaster. It’s purchased by a tenant of an apartment or a single-family home. Many corporate-run apartment buildings require tenants to buy their own renters insurance as part of the lease agreement. Nationwide is just one of several national companies offering renters insurance.
Nationwide’s history dates back 85 years, and the company has high ratings from A.M. Best, S&P and Moody’s. A Fortune 100 company, it’s competitive in terms of the number of plans available, and options such as small business insurance, farm, and ranch insurance and pet insurance. It also provides auto insurance and homeowner’s insurance options. Last year, Nationwide paid $18.7 billion in claims and benefits to members.
Cost of a Nationwide Renters Insurance Policy
As with any insurance company, several factors play a role in how much renters insurance will cost. Rental location is a significant factor. For example, if you live in an earthquake-prone area in California, your renters insurance will likely be more expensive than average.
Sometimes, the size of the building and how many units are in it can affect cost, as can the number of personal belongings that you have and their value. Other relevant factors can include fire prevention methods in place where you’re renting, and your credit score.
According to Nationwide, the average cost for a renters insurance policy is $20 per month. The average yearly cost of renters insurance in the U.S. is $188 per year, or $15.67 per month, according to the National Association of Insurance Commissioners (NAIC).
Nationwide’s renters insurance can cover:
- Contents (clothing, furniture, and other items)
- Loss of use (living expenses when your rental is not inhabitable)
- Personal liability (covers damage or injury caused by an accident that occurs in your home)
- Medical payments to others (when they’re injured on your property)
- Building additions and alterations (covers changes, improvements, or other things made to the home)
- Credit card coverage
Additional optional coverage options available from Nationwide include:
- Valuables Plus (covers high-value items like art or jewelry)
- Water backup (damage from backed up sewers or drains)
- Earthquake (also includes volcanoes)
- Theft extension (protection for belongings stored in a vehicle, trailer, or boat)
Requirements to Get Insured
Getting renters insurance typically isn’t difficult, although you will need to do a home inventory of your belongings. You can usually apply for a policy online. While credit score can impact the cost of insurance, it shouldn’t prevent you from getting coverage. Even if you don’t live in an area where Nationwide’s renters insurance is available, other options may service your local area.
While there are several benefits to renters insurance, there are downsides to consider as well. First, of course, is the cost.
Although the cost of a policy can be relatively minimal, a basic insurance policy from Nationwide or another major insurer may come with a high deductible. That means that you may have to pay for a certain amount of damages or losses before your insurance policy starts offering coverage. For example, if you have a $1,000 deductible, but you don’t have many high-value items in your apartment, renters insurance will likely not pay off. You can lower your deductible, but you will then have to pay higher premiums.
Nationwide renters insurance is available in most states. To learn more, log onto the Nationwide site and click on your state. You can then see what options are available to you. The only states where Nationwide renters insurance isn’t available are Florida, Louisiana, New Mexico, Massachusetts, and New Jersey.
Overall, Nationwide has fairly good reviews in terms of customer service. Customers can manage their policy and coverage online. However, there are complaints about Nationwide regarding working with claims adjusters and filing claims, so this may be something to consider. However, most insurance companies have complaints like these.
Nationwide renters insurance may be a good option if you want to bundle policies, or if you want add-on options. Its policies will cost about the same as other comparable policies, but there are some complaints about customer service and filing claims to be aware of. As an established company, Nationwide is likely to offer policies and efficient customer service near you.