ePremium is a renters insurance company that works with landlords and property managers to provide standardized renters insurance policies for their tenants. If you're required to have renters insurance, and your building works with ePremium, it's easy to get signed up under a generic ePremium policy, but you'll find much better value shopping at other insurers to get comprehensive coverage at lower rates.
ePremium Renters Insurance: Our Thoughts
ePremium is a renters insurance company that partners with property managers to help their tenants fulfill their requirements to obtain renters insurance coverage. It is only available in apartment communities that subscribe to its policies, and it provides all the tenants with fixed coverage features negotiated by their property managers.
However, the fact that your apartment complex works with ePremium doesn't oblige you to buy an ePremium policy, and given the more competitive products available, we recommend that you purchase a policy from another insurer. With ePremium, you will have limited ability to adjust your policy coverage, deductible and limits, choices that are normally standard when buying renters insurance. It may happen that an ePremium policy fits your needs by chance, but if not you'll have limited scope to adjust your policy. ePremium is also expensive, consistently rating as one of the pricier renters insurance policies across a survey of properties.
On the plus side, ePremium has a decent customer service reputation and, if you're lucky, your apartment's policy may offer some unique features, such as bed bug remediation coverage.
Bottom line: Buying ePremium renters insurance is straightforward, and it may be tempting to purchase it to quickly fulfill renters insurance requirements. But it's worth shopping with other insurers and comparing their policies to the one your property manager has selected. You'll likely find a policy that's not only cheaper, but also allows more flexibility to adjust your coverage to cater to your situation.
How does ePremium Work?
If your property manager requires tenants to purchase renters insurance, they may be using ePremium Insurance to facilitate this process. ePremium acts as an agent selling a standardized renters insurance product to property managers, with the renters insurance product itself sold by Millennial Specialty Insurance, based in Keller, Texas, and also known as MSI renters insurance. MSI outsources the underwriting of its policies to other insurers including Century National Insurance Co., Spinnaker Insurance Co. and Cypress Property and Casualty Insurance Co. After partnering with ePremium, property managers can recommend the product to their tenants as an easy way for renters to fulfill their renters insurance requirement. Around the time you sign your lease, it may be suggested you go to www.epremiuminsurance.com, find your apartment and instantly enroll in a policy. ePremium Insurance policies will have fixed coverage features and deductibles, depending on the choices of your property manager, with some limited room for you to adjust personal property coverage limits and purchase add-on features.
The ease of setting up ePremium is one of its best features, as it can be secured in a matter of minutes. All you have to do to enroll is enter the name of your apartment complex, desired coverage limits and contact and payment information. However, you are under no obligation to purchase an ePremium Insurance policy to fulfill your renters insurance coverage requirement; you can provide proof of coverage from another insurer instead. And despite the ease of purchase for ePremium, we recommend you do look at other insurers.
ePremium Renters Insurance Policy Coverage
ePremium includes much of the standard renters insurance coverage you would expect and may even include some rare perks such as bed bug remediation coverage. The problem with ePremium is its lack of flexibility: You will have limited scope to adjust your coverage limits, and your deductible and many of your coverage features will be decided by your property manager.
|What ePremium covers||Coverage details||Limits|
|Personal property||Covers damage to or theft of your personal belongings. Reimbursement comes at replacement cost||$10,000 to $70,000|
|Personal liability||Covers you and your family from the cost of lawsuits for bodily injury or property damage to others||$100,000|
|Emergency medical payments||Covers emergency medical expenses to a guest injured on your residence||Depends on underwriter|
|Loss of use||Covers the cost of staying somewhere else—like a hotel—if your residence is temporarily uninhabitable due to a peril covered by the policy||20% of your chosen personal property limit|
For example, in sampling coverage limit options for various apartment complexes, we found choices for personal property coverage limits generally ranged from $10,000 to $70,000. For most tenants, this level of coverage will be sufficient, but if you're looking for property coverage much higher than $70,000, you probably won't have that option with ePremium. Further, liability coverage limits are almost always set at a fixed $100,000, which contrasts other insurers, which will almost always give the option to increase liability limits to $300,000 or $500,000 at limited additional cost.
Second, if you purchase an ePremium renters policy, you will not have the option to adjust your deductible, the amount of money you will pay out of pocket when you make a claim with your insurer. Typically, insurers will allow you to pick a deductible ranging from $250 to $1,000. This gives you the flexibility to balance your costs and risks—you can choose a higher deductible and pay a lower premium if you'd rather save money on your regular payments to your insurer than save money when you make a claim. However, when buying an ePremium policy, renters will be stuck with the deductible negotiated by their property manager. Moreover, ePremium policies often have separate deductibles for theft and combined wind and hail damage, up to $500 and $1,000 respectively. These separate deductibles are uncommon in renters insurance, and they mean that you'll have to pay even more out of pocket if your belongings are stolen or damaged by a wind or hailstorm.
ePremium does have some interesting supplementary coverage features, but whether these are included in your policy or available as an endorsement for an added fee will depend on your apartment. For instance, many, but not all, of the ePremium policies we found contained coverage for remediation of bed bug damage—usually excluded entirely from renters policies entirely—ranging from $500 to $1,000. ePremium also might offer the option to purchase identity theft coverage or, if you live in California, earthquake coverage for additional fees.
|Additional Coverage||Coverage details||Limits|
|Bed Bug Remediation||Covers the cost of treating a bed bug infestation up to coverage limits. Included in many but not all ePremium policies||$500 to $1,000|
|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 a year to cover damage to your personal belongings caused by an earthquake up to coverage limits. The feature has a $750 deductible||$5,000|
|Identity theft||An optional coverage for many ePremium policyholders, for $12 per year it pays for expenses incurred as a result of identity fraud up to coverage limits||$5,000|
ePremium Security Deposit Insurance
If you purchase an ePremium renters insurance policy, you may be given the option to also buy its security deposit insurance product, called ePremium eDeposit. eDeposit may be appealing to renters who want to pay less money upfront when signing a lease in exchange for paying a one-time fee. A security deposit is the money you will pay your landlord when you sign a lease to protect them from any damages you might do to the apartment, and as long as the apartment remains undamaged you will generally be reimbursed in full. Rather than pay the refundable security deposit, this feature allows you to pay a lower, nonrefundable ePremium eDeposit. The service works as follows:
- Instead of paying a security deposit of, say, $1,600, you purchase ePremium eDeposit for $400, allowing you to move into your apartment at a lower initial cost.
- eDeposit will cover you for damages you cause to the home or apartment up to your coverage limit. Damages exceeding the limit will have to be paid by you.
- Unlike when you pay a standard security deposit, the $400 is nonrefundable.
ePremium Renters Insurance Quotes Comparison
ePremium prices will vary depending on the type of coverage secured by your building's property manager, but we generally found it to be among the most expensive options versus other renters insurance companies. For an apartment complex in San Diego in which ePremium is offered, it was the most expensive policy among our sample insurers. Notably, ePremium was 67% more expensive than the cheapest policy, Lemonade, when we compared quotes for comparable coverage levels and features. Even worse, these quotes do not include discounts that ePremium's competitors can offer such as those for home safety features, bundling your renters insurance with auto insurance or the option to lower your annual premium by choosing a higher deductible.
ePremium coverage may occasionally include a standout feature in its policies. For instance, this example apartment complex covers pet damage up to $500 and bed bug remediation up to $1,000. But these fringe benefits don't compensate for its high prices versus competitors, especially as some competitors include comparable features. For instance, Jetty also boasts a rapid sign-up process, includes up to $300 in bed bug remediation and offers a host of coverage options, all while quoting at a price 25% cheaper than ePremium.
ePremium Customer Reviews and Ratings
Online feedback for ePremium renters insurance tilts positive. Satisfied reviews cite quick response times on customer service calls when asking questions about their policy. Negative reviews cite difficulties canceling the policies and unwarranted bank charges.
Depending on which insurer underwrites of your policy, you may have varying levels of satisfaction with filing a claim under ePremium renters insurance. If you're filing a claim you'll ultimately be dealing with your insurance underwriter, not ePremium or Millennial Specialty Insurance, and your experience filing a claim may vary depending on your underwriter. Below we've listed customer complaint ratios for ePremium's underwriters, calculated by the National Association of Insurance Commissioners, when they were available. Two of five of ePremium's underwriters are below 1.0, meaning they receive less complaints than the median insurer, while three of five have above median complaints.
The customer complaint record of ePremium underwriters is mixed…
|Spinnaker Insurance Co.||0.83|
|Century National Insurance Co.||2.79|
|Cypress Property and Casualty Insurance Co.||3.73|
If you're not making a claim but want to contact ePremium with questions about your policy, such as how to cancel, you can call the ePremium renters insurance phone number. ePremium renters insurance does not provide the option to login on its website and manage your policy, though you will generally have the ability to login to your underwriter's website.