Renters Insurance

Assurant Renters Insurance Review: Expensive Coverage with Mediocre Service

Assurant Renters Insurance Review: Expensive Coverage with Mediocre Service

Editor's Rating

This company's high costs only make it worth a look if you can benefit from its pet damage or unemployment coverages.

Good for

  • Dog owners
  • Renters who prefer a low deductible
  • Anyone concerned about unemployment

Bad for

  • People who want the lowest monthly rates
  • Customers interested in an easy claim process
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Editor's Rating

This company's high costs only make it worth a look if you can benefit from its pet damage or unemployment coverages.

Good for

  • Dog owners
  • Renters who prefer a low deductible
  • Anyone concerned about unemployment

Bad for

  • People who want the lowest monthly rates
  • Customers interested in an easy claim process
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Renters insurance from Assurant tends to be much more expensive than its competitors. Coupled with below-average customer service, we think most people can find better options elsewhere. However, Assurant does offer a few specialized coverages that might make it worth considering for people looking for pet damage protection or earthquake coverage.

Contents

Assurant Renters Insurance: our thoughts

Overall, Assurant renters insurance was not a strong performer among competing renters insurance companies. Its high cost and worse-than-average customer service make it difficult to recommend to most people. On average, customers will pay 53% more for renters insurance from Assurant than from its competitors for equivalent coverage.

There aren't many discounts available on Assurant renters policies, though there is one available for Geico car insurance customers. If you bundle your Geico car insurance with renters insurance from Assurant, you can get a 3% discount on your car insurance premium. However, you would need to have a monthly car insurance premium of over $400 in order for that discount to offset the difference in price between Assurant and its strongest competitor. As such, customers eligible for Geico's discount should still check other renters insurance companies to find the best price.

Assurant does offer a few compelling optional coverages that aren't available from every renters insurance company. These include pet damage coverage, which pays to repair your own property damaged by a pet, and unemployment insurance, which covers part of your rent if you're involuntarily out of work.

Another benefit for Assurant customers worth noting is the option to choose a low deductible. With Assurant, you can choose to set your deductible as low as $100, meaning that's how much you would pay out of pocket if your property was damaged. This is among the lower deductible options available: The lowest deductible State Farm offers is $1,000, while Lemonade's lowest option is $250.

There are two benefits to a low deductible: One is that you'll get a bigger check when you make a claim. If your apartment catches fire and you lose $5,000 worth of belongings, Assurant would pay you up to $4,900 — while State Farm would pay at most $4,000. A low deductible also allows you to make claims on smaller losses: For example, if your $400 tablet is stolen, State Farm wouldn't pay you anything since it's below your deductible. But so long as you've opted for the lower deductible, Assurant would pay you $300 for your loss.

Receiving a renters insurance quote from Assurant, both on the Assurant website and through Geico, is a quick and straightforward process, though no more so than its competitors. And while Assurant's online tools are functional, they lack a modern mobile app, which is available from some competitors.

Assurant Renters Insurance coverage options

The renters insurance coverages available from Assurant are about in line with competing companies, with no glaring omissions and a few notable optional add-ons. Like most renters insurance policies, the two main categories of coverage available are personal property, which covers the cost to replace your belongings; and liability, which provides financial protection in case someone else is injured while they're at your apartment.

Assurant gives you a lot of flexibility to customize the limits of each. You can choose $50,000 or $100,000 of liability coverage and between $5,000 and $95,000 of property coverage. However, when you make a claim, Assurant will only pay out the actual value of what you own, so there's no reason to purchase $30,000 of coverage if you only have $10,000 worth of belongings.

Under an Assurant renters insurance policy, your belongings are protected from a standard set of perils:

  • Fire and lightning
  • Windstorm and hail
  • Explosions
  • Smoke
  • Vandalism and malicious mischief
  • Theft
  • Burst pipes

In addition to the standard coverages offered to all Assurant renters insurance customers, you can supplement your policy with a few optional coverages for an additional fee:

  • Replacement cost coverage: Pays for the full replacement cost of an item, without considering depreciation
  • Sewer backup: Covers damage to your property as a result of a clogged pipe overflowing
  • Pet damage: If your dog or cat ruins your new sofa, such as by scratching or going to the bathroom on it, pet damage coverage pays to repair or replace it.
  • Unemployment insurance: If you are unemployed for a month or more, unemployment coverage pays part of your rent directly to your landlord.
  • Identity fraud coverage: Pays for any costs you incur as a result of identity theft, such as fraudulent credit card bills.
  • Earthquake coverage: Covers costs of damage to your property as a result of an earthquake (only available in California and Washington State)

Assurant Renters Insurance quotes vs. competitors

To develop an understanding of how Assurant's renters insurance prices compare to other companies, we collected sample quotes for Assurant, Lemonade and State Farm at four levels of property coverage. Assurant was consistently the most expensive renters insurance company for our sample renter, coming in at 53% more expensive than average overall, and quoted the highest price at every coverage level we compared. As such, you are likely to find a better deal on renters insurance by going elsewhere.

graph demonstrating the cost of Assurant renters insurance compared to Lemonade and State Farm

Assurant renters insurance quotes are available on Assurant's website, as well as through Geico, and the prices on each are the same; You won't receive a lower rate for buying through one company or the other.

Assurant customer service reviews and ratings

Assurant has mixed reviews for its customer service. Customers often face a lengthy claims process and frequently have trouble getting in contact with an adjuster while in the process of making a claim. Furthermore, reviewers also complained that they had a hard time canceling their policies: It can't be done online, and it is difficult to take care of over the phone.

Overall, Assurant received a complaint ratio score of 1.57 from the National Association of Insurance Commissioners across its home insurance division, indicating that it receives more complaints than could be expected for a company of its size.

However, the company does have a high degree of financial strength. It received an A, or Excellent, rating from A.M. Best, suggesting the company has a strong financial footing and customers need not worry about Assurant's ability to pay out insurance claims.

Bottom line

Assurant renters insurance has high prices and lackluster customer service, so we don't recommend it to most people shopping for renters insurance. If you are a Geico car insurance customer or if one of Assurance's optional coverages matches your needs, it may be worth considering. However, even for those customers, we recommend checking other options before committing to Assurant.

Frequently asked questions

Is Assurant a good renters insurance company?

Overall, no, Assurant is not a good insurance company. We found that Assurant has high prices and a difficult claims process, making it tough to recommend for most.

Does Assurant renters insurance renew automatically?

Yes. You'll automatically have your policy renewed at the end of the term, so you'll need to cancel the policy yourself if you want it to stop.

What is covered by renters insurance?

Renters insurance covers damage to your personal property as a result of a covered event, such as a fire or theft. It also typically includes liability insurance, which protects you financially if you're responsible for injuries or damages to someone else, such as if they're hurt at your apartment.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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