Assurant Renters Insurance Review: Cost & Service (2022) | MoneyGeek.com

score

78

4.63 /5

satisfaction

3.46 /5

affordability

4 /5

stability

pros

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High customer satisfaction rating

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Offers unique coverages against damages caused by aircraft and volcanic eruptions

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Roommates are covered at no additional cost

cons

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Mediocre pricing

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Limited discounts and add-on coverages

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No mobile app

Verdict

Assurant has a high customer satisfaction rating and a decent financial stability score but a low affordability rating. Besides, the company has a high customer complaint rate with the National Association of Insurance Commissioners (NAIC). Assurant offers two unique endorsements and three standard coverages.

The company offers 16 coverage limits ranging from $20,000 to $95,000, which may appeal to those seeking flexible coverage options. Overall, if you’re looking for low costs, additional features, coverage options or a mobile app, you might want to look elsewhere.

Does Assurant Have Good Customer Service?

The best renters insurance companies should have a good track record when it comes to dealing with customers. That said, you must choose an insurance company that excels in customer service and can cater to your needs and process your claims promptly and fairly.

Assurant’s overall MoneyGeek rating for renters insurance is 78 out of 100, which is a relatively low score. It has a high J.D. Power customer satisfaction score and a good AM Best financial stability rating, but it received a mediocre affordability score from MoneyGeek. The NAIC’s customer complaint index is likewise extremely high for this insurer.

Customer Satisfaction Rating

J.D. Power assigns customer satisfaction scores based on the company’s interactions with consumers, policy offers, pricing, billing procedure, policy details and claims. Assurant has a solid J.D. Power weigh-in at 4.63 out of five in MoneyGeek’s rankings.

Assurant

A company’s NAIC score is calculated by comparing its complaint statistics to those of its rivals. Assurant’s NAIC complaint score of 3.10 is way higher than the national average of 1.00, suggesting that the firm receives more than three times as many complaints as the industry average.

Financial Stability Rating

AM Best verifies insurers’ financial viability by assigning them a credit rating from one of seven categories. Assurant received an A rating from AM Best, which suggests the insurer has a strong financial capacity to meet its ongoing insurance obligations.

What to Expect From Assurant Renters Insurance

Setting up renters insurance coverage can be simpler if you know what to anticipate. For the many steps associated with setting up insurance, each company may take a different approach. Below, MoneyGeek explains how to purchase, manage and cancel an Assurant renters insurance policy.

1

Getting a quote

Through the Assurant website, you can obtain a customized renters insurance quote by simply providing your rental address and a few more details regarding the coverage options.

2

Customer support

Assurant policyholders can contact the company Monday through Friday from 8 a.m. to 8 p.m. EST at 1-800-432-8612.

3

Filing a claim

To file a claim with Assurant, you can either log in to the Assurant online portal or contact their customer support team.

4

Canceling your policy

To cancel an Assurant renters insurance policy, you can either log into the company’s website portal or call customer service.

STATE AVAILABILITY

Assurant’s renters insurance is available in all 50 states and Washington, D.C.

How Much Does Assurant’s Renters Insurance Cost?

Renters insurance premiums are determined by a wide range of variables, and the insurance provider you choose is one of these. On average, Assurant renters insurance costs $267 per year or approximately $22 per month for coverage worth $20,000. This is much higher than the national average of $13 monthly or $159 annually. However, real costs may vary based on several factors, such as the type of coverage you select, the coverage limits and more.

Average Cost of Assurant Renters Insurance

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• Coverage

  Assurant Average Premium

• 20K

  $267

• 25K

  $290

• 30K

  $319

• 35K

  $346

• 40K

  $372

• 45K

  $398

• 50K

  $426

• 55K

  $464

• 60K

  $489

• 65K

  $515

• 70K

  $541

The level of protection you choose has a significant impact on the cost of your renters insurance. Make sure you’re neither over- nor under-insuring your rental property and personal belongings. $20,000 is a good starting point. You should, however, take the time to determine exactly how much insurance coverage is appropriate for your situation. MoneyGeek’s online calculator can help you evaluate how much insurance you need based on the worth of your personal possessions.

clothing

Total:

Pants

Shirts

Jackets & Outerwear

Shoes

Dresses

Other Clothing

MONEYGEEK EXPERT TIP

The coverage amount you need can be determined by knowing the value of your personal goods. Calculating this will save you money by preventing you from buying too much insurance coverage or purchasing a policy with insufficient coverage limits.

What Discounts Does Assurant Offer?

Assurant renters insurance only offers two discounts compared to the industry average of five. An annual payment discount and the unique “4-Pay” discount are available to renters who have insurance via Assurant.

• Discount

  Description

• 4-Pay Discount

  You can get discounted rates for making an upfront down payment, followed by three payments 60 days apart.

• Annual Payment Discount

  By paying the entire year’s insurance premium in one lump sum, you can significantly lower your total cost.

MONEYGEEK EXPERT TIP

Except for the pay-in-full and 4-Pay discounts, we are not aware of any other ways to save money on Assurant renters insurance.

Which Coverage Types Does Assurant Offer?

The types of coverage you choose also have an effect on your Assurant renters insurance quote. Renters insurance providers offer an average of seven add-on coverages. Assurant renters insurance policies include five additional coverage options. Its aircraft and volcano eruption coverages are unique endorsements. Additionally, the insurer offers endorsements for water backup and identity theft. All Assurant renters insurance policies include personal property replacement coverage.

In the section below, MoneyGeek’s Assurant renters insurance review delves into each of the five additional coverage options available with an Assurant renters insurance policy.

1

Personal Property Replacement Cost

This coverage is included in all Assurant renters insurance policies and covers the actual cost of replacing lost or stolen property.

2

Identity Theft

Identity fraud expense coverage reimburses you up to $15,000 for expenses incurred as a result of identity fraud. There is a $100 deductible for this endorsement coverage.

3

Water Backup

If a sewer or drain backs up into your home, you are covered for up to $2,500 in damages. There is a $250 deductible associated with this endorsement coverage.

4

Aircraft

If a plane, missile or spaceship damages your property within your rental unit, you’re covered with this endorsement coverage.

5

Volcanic Eruption

With this endorsement coverage, you’ll receive protection from damages caused by volcanoes erupting.

Renters insurance shoppers should make certain they receive all of the standard coverages offered by insurance companies, including personal property, personal liability, additional living expenses and medical payments coverages.

Additional coverage against flood, earthquake and insect damage may also be necessary, depending on your situation. Some of them may not be available from all insurers or may be offered infrequently, so be sure to read the fine print before purchasing a plan.

Renters Insurance Coverages: What to Expect

Standard:

• Personal Property Coverage
• Personal Liability Coverage
• Medical Payments Coverage
• Additional Living Expenses (Loss of Use)

Rarely Offered:

• Flood Coverage
• Earthquake Coverage
• Insect or Bed Bug Coverage

AVAILABLE COVERAGE LIMITS

Assurant renters insurance has 16 coverage limits starting at $20,000 up to $95,000. There is a $5,000 difference between each coverage limit.

What Online Renters Insurance Tools Does Assurant Offer?

A better customer experience is made possible by a wide range of online tools and services. There are only a few options available on Assurant’s website. The quote tool on the website allows you to generate a personalized quote free of charge. Additionally, you can pay your bills, change your address, file claims or cancel the policy by logging into your Assurant online account.

You can acquire a personalized renters insurance quote via the Assurant website. To begin, simply enter your rental address.

Assurant offers three payment plans: monthly, “4-Pay” and annual.

You can pay by credit or debit card online through the Assurant website. You can also make bank transfers on a monthly, quarterly or annual basis or pay by check.

Using the online account, you can manage your insurance policy by paying bills, updating your address, canceling the policy, filing claims and more.

Other Assurant Insurance Products

In addition to renters insurance, Assurant also provides a wide range of other insurance options. These include mobile device insurance, shipping insurance claims, flood policies, vehicle contract claims, retail warranty plans, appliance and tools insurance and payment protection claims.

• Type of Product

  Description

• Mobile Device Protection Insurance

  This program is designed to help mobile phone companies deliver the best repair and replacement services to their customers.

• Preneed Life Insurance

  This product funds the funeral home directly to cover the predetermined costs of a funeral, burial or cremation.

• Final Expense Insurance

  Final expense insurance provides financial assistance to the beneficiary of an Assurant customer and can be used for funeral and burial costs.

• Flood Insurance Solutions

  For residential, residential condominium building association policy (RCBAP) and commercial properties, Assurant’s flood insurance solutions provide private flood policies with high coverage limits and flexible add-ons under the National Flood Insurance Program (NFIP).

• Vehicle Protection Services

  Assurant’s vehicle protection service covers repair and maintenance services after the car manufacturer’s warranty has expired.

Compare Insurance Rates

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Methodology

To evaluate Assurant’s quality as a renters insurance company, MoneyGeek analyzed its website, manually collected quotes and consulted consumer intelligence organizations, such as J.D. Power, the NAIC and AM Best.

About the Author

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.