Toggle offers cheap renters insurance, but its rates can quickly inflate if you need more than bare-bones coverage. Unlike conventional renters insurance policies, Toggle's basic policy provides only liability coverage and $1,000 of blanket property protection. This makes Toggle best-suited for college students with fewer belongings or renters who need extra coverage to fill gaps in their main insurance policy.
Toggle: A new type of renters insurance with very basic coverage
Toggle is a new online provider attempting to bring renters insurance to a new generation of buyers. Toggle's self-described "insurance ninjas" make it easy to learn the basics of buying coverage by providing you with a comprehensive FAQ section, as well as a sample terms-of-use document for each of the 23 states you can buy service in.
Toggle's renters insurance doesn't come with typical personal property protection, which is the part of an insurance policy that safeguards your belongings against damage. Instead, policies from this company start with $100,000 of liability insurance and $1,000 of blanket property protection. Each of Toggle's three pre-made plans acts like a template that allows you to adjust each part of your coverage. It's up to you to purchase any additional protection for your property by assigning a dollar amount to groupings of your stuff — like clothes, furniture and electronics.
Despite this use of customization, Toggle's renters insurance is relatively expensive at higher levels of coverage. To upgrade a basic policy so that each grouping of your possessions receives $10,000 of coverage, you would have to spend almost $30 monthly, which is nearly double the national average of $16 per month. Even then, you wouldn't get any of Toggle's add-ons without separate purchases.
Bottom Line: College students who don't have much property will likely get the most out of using Toggle. At their most basic, the policies the company offers are a cost-effective complement to the more comprehensive coverage of a guardian's separate homeowners or renters insurance policy while the student is at school and living in a dorm.
As a standalone policy, Toggle doesn't offer adequate coverage for an affordable price. Compared to other cheap online renters insurance providers, such as Lemonade and Jetty, Toggle's protection doesn't measure up in either the amount of coverage it offers or its price.
Toggle Renters Insurance Coverage
After you input your name, address and email, you'll be given the choice between pre-figured coverage plans. Each of these plans, labeled basic, standard and premium, encourages you to personalize. Toggle's basic renters insurance policy comes with $100,000 of liability insurance and $1,000 of blanket personal property protection. It also carries a $500 deductible. You can enhance any of these pre-made plans by raising the protection amount that corresponds with each grouping of your property.
Toggle splits your property into six categories:
|Property covered||Toggle's basic plan||Toggle's standard plan||Toggle's premium plan|
|Furniture + Appliances||$0||$4,000||$6,000|
|Fashion + Jewelry||$0||$2,000||$3,000|
|Creative + Maker||$0||$1,000||$3,000|
You can use a slidable widget to insure each of these groups for up to $10,000 in most cases, and up to $20,000 for jewelry. With each adjustment, your price changes according to how much coverage you add or subtract.
This setup allows you to purchase insurance only for what you want, but it also forces you to buy more coverage or otherwise risk excluding certain items. For instance, under Toggle's insurance you would have to purchase separate coverage for your clothes and your furniture. With other forms of renters insurance, your policy's personal property protection covers all eligible items without compartmentalizing your things.
What endorsements does Toggle offer?
Like most other insurance companies, Toggle offers a variety of endorsements that you can enhance your policy with. These coverages aren't part of your regular renters insurance policy. Instead, each time you elect to add on protection, your overall price increases. Signing up for all of Toggle's endorsements increased our basic sample policy by $9 per month.
- Temporary living costs: Unlike other renters insurance policies, Toggle sells temporary living costs as an upgradable add-on and doesn't include it as a part of regular coverage. Resembling what's often called additional living expenses, the temporary living costs endorsement pays a specified amount per day for you to stay in a hotel if your home is unlivable. You can choose between $50, $100 and $150 per day, and Toggle specifies that this perk is only good for 30 days after a loss.
- Replacement cost coverage: With this endorsement, your compensation for property losses wouldn't be affected by an item's depreciation. Otherwise, Toggle pays out for losses according to an item's actual cash value, which does consider the property's worth at the time it was damaged.
- Credit lift: Toggle has partnered with RentTrack to offer the Credit Lift service. Credit Lift reports your on-time rent payments to credit monitoring services, such as Equifax, Experian and TransUnion. This service could improve your credit score, but critics question the importance that creditors place on making rent payments. This program is subscription based, but users who sign up through a Toggle renters insurance policy receive a discounted rate.
- Pet parent: Despite offering a perk that caters to them, Toggle is a particularly weak insurer for pet owners. The liability coverage that you receive with a policy doesn't cover damage that your pet does to another person's property like conventional renters insurance could. To receive this protection, you must sign up for the Pet Parent endorsement at an extra cost. Additionally, Toggle doesn't cover dog bites even with this upgrade.
- Side hustle: This endorsement extends your policy's protection to business-related property. It's good for up to $2,000 per month in lost compensation and $10,000 in legal fees. You're eligible for this coverage if you make less than $25,000 annually from secondary income. Drivers that participate in ride-sharing programs don't qualify for coverage.
- Identity protector: With this perk, you can get credit monitoring services that will alert you if your identity or personal information are stolen. Toggle will also help you resolve the incident by preparing procedural or bureaucratic paperwork if you're a victim of identity theft. Additionally, you could be compensated for attorney fees if you had to go through litigation.
Toggle renters insurance quote comparison
We compared the prices of Toggle's renters insurance policies against plans from online retailers Lemonade and Jetty, as well as State Farm in several large renters markets across the United States. Toggle's consistent prices indicate that the costs for its pre-made policies remain the same before renters adjust coverage levels.
The graph above illustrates the price of a standard renters insurance policy from Toggle, whose coverage limits amount to $10,000 of personal property protection — the lowest amount of property most other companies insure. As you can see, Toggle's standard coverage is usually more expensive than its competitors', with the lone exception coming from Jetty in our Texas sample. Since you don't receive additional living expenses or uniform property protection with Toggle, users searching for a cheap online-only provider will likely be better off considering a policy from a competitor, especially Lemonade.
Where is Toggle available?
Renters insurance from Toggle is available in the following states:
- South Carolina
We retrieved renters insurance prices from Columbus, Ohio; College Station, Texas and Fort Collins, Colo. These states were chosen because they're large markets in Toggle's available states, and because they have large populations of renters. Each of these locations also has a part of its renters population that's associated with a large university — Ohio State University, Texas A&M and Colorado State.
Our sample policies used the profile of a 25-year-old, single man who lived in a home with no roommates or additional safety features added. Our sample policies were insured for $10,000 of personal property protection to align with Toggle's "basic" plan. Deductibles were set at $500 except in the case of State Farm, where the lowest available limit was $1,000.