Assurant Renters Insurance Review: Cost & Service (2024)

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.

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.

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.

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.

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. Twenty thousand dollars 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.

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.

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.

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.

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.

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.

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.