GEICO Renters Insurance Review | LendEDU

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Editorial Rating

Editorial Rating

What we like:

Healthy financial strength

J.D. Power Overall Satisfaction Rating

N/A

A.M. Best Rating

A++

Contact Number

1-800-207-7847

Discounts

Multi-Policy

See how Geico stacks up against our top rated renters insurance companies

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You can see the wisdom in getting a renters insurance policy: you don’t want one unfortunate incident to bankrupt your immediate or long-term future. And, once you know how affordable renters insurance policies are, it makes sense to get one.

Before you agree to the first policy you find, make sure you consider everything involved in your specific situation. Will it protect against fire, theft, flood damage, and other things that could happen to your apartment or house?

In this review, we’ll shine a light on GEICO renters insurance to see if it’s the policy best suited to your needs.

Company Overview

GEICO has gained a lot of exposure in recent years for its clever television commercials, but GEICO was offering quality services long before those ads started airing. In business since 1936, GEICO provides life insurance, auto insurance, renters insurance, and more.

GEICO became a Berkshire Hathaway wholly-owned subsidiary in 1996. The company is well-known in the industry for its financial strength, which means customers can have confidence that the company will be able to pay its claims.

Those who have more than one policy with GEICO receive the company’s multi-policy discount, which saves them some money.

Cost

The average cost of renters insurance is typically cheap, unlike most homeowners insurance policies. A GEICO renters insurance policy can be obtained for as little as $12 per month. That doesn’t mean everyone who signs up will get that rate, however. Those who live in high-crime areas or sections of the country that are prone to flood will have higher rates.

There are steps you can take to reduce the amount you’ll have to pay for renters insurance with GEICO, including installing interior sprinklers or smoke alarms and having a home security system.

Coverage

GEICO renters insurance covers common perils like windstorms, water damage, fire, vandalism, smoke, and theft, in addition to other items that can be added on to policies. Plus, if someone is injured on your property, it gives you liability protection from medical bills, legal fees, or any other financial issues from the injuries.

The policy will help protect some of your important and expensive items like furniture, appliances, electronics, and personal belongings.

Requirements to Get Insurance

In order to secure renters insurance, you have to be an active renter, and you may need to show proof of residency if there’s any question about your living situation when you get your policy.

You must make your payments on time each month or else your policy will lapse. Any gap in payments will mean a gap in coverage. If the idea of paying each month doesn’t appeal to you, you may be able to set up a six-month payment or even an annual payment.

Primary Drawbacks

The primary drawback to GEICO renters insurance is that it doesn’t have as many add-ons as other insurance providers offer. The add-ons offered by GEICO include replacement cost coverage, scheduled personal property, and incidental business coverage.

Replacement cost coverage means you would get the money necessary to replace your belongings at today’s cost. Scheduled personal property lets you add expensive jewelry and other pricier items into your coverage.

Availability

GEICO is a fairly large company which means its renters insurance is available in all 50 states, as well as Washington D.C. While there is availability in every state, that doesn’t mean there will be a local agent near you.

If you’re the type of person who likes to do business face-to-face instead of over the phone or online, you’ll want to check the GEICO website to see how far away the closest agent is to you.

Customer Service

To speak to someone from GEICO about getting renters insurance, you can call 800-241-8098. In addition to that, you can reach GEICO online 24 hours a day, seven days a week. GEICO also offers a mobile app.

The company makes it a priority to ensure it’s simple to make a payment, change the policy, or file a claim. You’ll be able to change or review your information at a time that’s convenient for you–not on the company’s timeline.

Bottom Line

While GEICO is an established company you can trust, you’ll need to know exactly what your policy entails and how much it will set you back before you can decide whether a GEICO renters insurance policy is right for you. Shopping around is always a smart idea, just as you would with any other type of insurance policy you’d purchase.

4.14

Geico Renters Insurance