ePremium insurance: Higher Rates and Limited Coverage Choices Overshadow some Unique Features
Despite its convenient quote form and a few practical add-on options, ePremium probably isn't the best insurance option for most renters. When we compared it to competitors, ePremium's rates were often more expensive, and it offered little in the way of policy flexibility.
Like the similarly named eRenterplan, ePremium works with landlords and property managers to provide renters insurance policies for tenants. The limits of liability and the endorsements you can purchase change depending on the property your unit is in. Although some of ePremium's endorsements are unique, they won't necessarily be available at your property.
For Alternatives to ePremium, Consider:
ePremium Renters Insurance: Our Thoughts
While ePremium renters insurance has above-average customer service and some useful add-ons, you have limited ability to adjust your coverage.
ePremium partners with property managers to help tenants easily purchase renters insurance. While renters insurance isn't required by law, it's not uncommon for landlords to require their tenants to carry coverage. ePremium renters insurance is a quick way for qualifying tenants to fulfill this requirement.
You're not obligated to purchase coverage through ePremium if your apartment complex works with the insurer. In fact, we recommend purchasing a policy from another insurer due to ePremium's higher-than-average costs and its limitations on personalizing your coverage.
If an ePremium renters insurance policy fits your needs, the insurer tends to have solid customer service. Several of ePremium's underwriting companies receive fewer complaints than expected based on their market shares.
Bottom line: ePremium renters insurance has a very convenient online form. It took us only a few minutes to request coverage and receive a price. However, it's worth comparing ePremium's prices with those offered by other competitors. You'll likely find more affordable coverage with more control over your protection with other renters insurance companies.
ePremium Renters Insurance Quote Comparison
ePremium prices vary depending on the limits available to your apartment building or complex, but we generally found it to be among the more expensive options compared to other renters insurance companies.
We requested rates for several levels of protection at an apartment complex where ePremium is offered. ePremium's quote form is quick and allows for rapid comparison. Still, ePremium renters insurance was close to the most expensive renters insurance among the companies we requested rates from, just behind Allstate.
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Personal property coverage
ePremium's prices exceed the average rate for each level of personal property protection by at least 10%. ePremium renters insurance becomes cheaper as you add more property coverage, but the gap between its annual rates and those offered by the cheapest provider was more than $150 for $50,000 of coverage.
Unfortunately, ePremium renters insurance doesn't offer discounts to its policyholders like its competitors, which typically let you reduce your costs by adding safety features to your unit, bundling policies or opting for a higher deductible.
Instead, the deductibles that come with ePremium renters insurance are fixed. At one complex we surveyed, a policy carried a $250 deductible for standard perils and $1,000 for wind damage, while at another, policyholders were required to pay a $250 deductible for most perils, theft and wind damage.
This practice is uncommon for renters insurance companies and could result in more out-of-pocket expenses, depending on where you live.
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ePremium Renters Insurance Coverage
With ePremium, you only have a limited ability to adjust your protection, as your deductible and many of your coverage features are decided by your property manager. We compared offerings at several complexes and found that personal property protection is often available from $10,000 to $70,000 or $75,000, while liability limits are almost always fixed at $100,000.
Despite its restrictions on how much you can adjust your coverage, ePremium includes many of the standard renters insurance protections you would expect from competitors. In addition to personal property protection, ePremium renters insurance includes coverage for personal liability, medical payments and loss of use.
At some apartments, coverage from ePremium even includes rare perks like coverage against bed bugs, refrigerated property coverage and replacement cost coverage for your personal belongings. Again, whether these are included in your policy or available as an endorsement for an added fee depends on your apartment.
Which Endorsements are Available with ePremium Renters Insurance?
|Bed bug remediation||Covers the cost of treating a bed bug infestation. Included in many ePremium policies.||$500 to $1,000|
|Water backup protection||Covers damage due to malfunctioning pipes and drains.||$5,000|
|Pet damage liability||Covers the cost of damage done by your pet to your apartment unit, up to coverage limits. Included in many, but not all, ePremium policies.||$500|
|Earthquake||Only available in California, this add-on costs $99 and carries a $750 deductible.||$5,000|
|Identity theft||For about $12 per year, it pays for expenses incurred as a result of identity fraud.||$5,000|
The most notable extra offered by ePremium renters insurance is its security deposit insurance. If ePremium is right for you, eDeposit could be appealing if you would rather pay less money upfront to your landlord when you sign a lease. In exchange for a nonrefundable fee, ePremium pays your security deposit.
How it works: Instead of paying a $2,000 security deposit when you sign your lease, you could choose to pay a fee to ePremium once you purchase a renters insurance policy. ePremium would pay your security deposit, resulting in a lower initial cost for you.
ePremium Insurance Reviews and Ratings
Online reviews tend to depict ePremium's coverage favorably. Satisfied reviews cite quick response times on customer service calls when asking questions about their policy. However, negative reviews cite difficulties with canceling service and unwarranted bank charges.
ePremium doesn't write its own policies. Instead, it acts as a liaison between property managers and Millennial Specialty Insurance, or MSI, renters insurance. MSI, in turn, enlists other insurers to underwrite its policies. Depending on your underwriter, you may have different levels of satisfaction with filing a claim.
If you file a claim, you'll ultimately be dealing with whoever your underwriter is — not ePremium or MSI Insurance. Below we've listed complaint data for ePremium's underwriters, calculated by the National Association of Insurance Commissioners (NAIC). A Complaint Index value greater than 1.0 means an insurer receives more complaints than its market share suggests.
|Trisura Specialty Insurance Co.||0.00|
|Spinnaker Insurance Co.||1.08|
|Century-National Insurance Co.||1.34|
|Cypress Property and Casualty Insurance Co.||0.00|
How to Contact ePremium Renters Insurance
ePremium doesn't provide customers with the option to log on to its website and manage their policies. Instead of an ePremium renters insurance customer log-in, you can generally log in to your underwriter's website. You could also contact ePremium by calling the following numbers:
- ePremium renters insurance number: (800) 319-1390
- MSI renters insurance contact number: (844) 788-0873
Frequently Asked Qestions
What is ePremium, exactly?
The name ePremium refers to the company that markets and sells renters insurance to the tenants of the properties with which it partners. However, it's important to note that ePremium itself is not the underwriter of the policies. What this means is that the rates you pay and claims you make are not managed by ePremium, but rather by its underwriting partners.
How do I make my ePremium insurance payment?
You can use this link to make a payment to ePremium. You will need a policy number and the last name of the primary insured person.
How do I cancel my ePremium insurance policy?
You can cancel an ePremium renters insurance policy by using this link, or by calling (800) 319-1390. Keep in mind that since you've paid for a full year of coverage, you are entitled to a prorated refund for the unused months of coverage.
ValuePenguin collected and analyzed quotes from ePremium and three competitors in the rental market. Quotes were gathered for multiple levels of personal property coverage for a complex in Ohio.
Coverage offerings were collected from multiple complexes in several states, including Ohio, California and Texas.