Assurant Renters Insurance Review for January 2022 • Benzinga

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Assurant offers 2 policy options. But its liability coverage is only available if you live at an Assurant partner property.

The civil liability policy covers 2 types of liability:

  • Property damage civil liability: This coverage protects you and members of your household if you damage someone else’s property. It also protects you if someone else damages your property. It only covers damage related to fire, water, smoke or explosions.
  • Personal responsibility: This covers guests who are injured on your property. It helps pay their medical bills and pays your legal fees up to your policy limits.

The advantage of a renters only liability insurance policy is that it is less expensive than a standard policy. But full-coverage renters insurance policies are relatively inexpensive, so it’s best to consider both options before finalizing your decision.

Assurant’s other tenants insurance policy covers everything a liability-only policy does, as well as damage to your property.

If your property is damaged in an event covered by the policy, Assurant will pay to repair or replace it up to the limits of your policy. Assurant covers damage caused by fire, lightning, smoke, explosions, theft, vandalism, windstorms, hail, ice, snow, sleet, falling objects , burst pipes, cracked heating or air conditioning systems, frozen pipes and appliances, vehicle impacts, power surges, civil unrest, aircraft and volcanic eruptions.

It also covers personal effects that are not stored in your rental. For example, if there is a fire in your storage unit, it would be beneficial to replace your belongings up to policy limits. It covers your property and that of your family members who live with you. It also covers roommates as long as you list them on the policy.

Assurant also covers mold. It will replace damaged personal effects and mold-related bodily injuries for you and your family members.

Additional coverage

Assurant includes other types of coverage depending on where you live. In some states, it will cover your additional living expenses if you have to move due to flooding. If your electricity goes out due to a flood, this will help cover food expenses.

Note that Assurant, like most renters’ insurers, does not cover flood damage to your business. You must purchase a separate policy.

Assurant may also include coverage for food spoilage. If you have a prolonged power outage, food in your fridge and freezer can spoil. This coverage helps cover these costs and can help pay for additional living expenses if you cannot stay in your apartment.

In some areas, Assurant includes bed bug coverage. These pests can be expensive to exterminate and you may lose some of your possessions in the process. Assurant can help with living expenses if you need to move temporarily and for damaged property.

Policy Updates

Depending on where you live, you may be able to add these additional Assurant benefits:

  • Pet damage: If your furry friend damages your rental, this coverage will help cover the costs.
  • Backflow of waste water: If sewage backs up and damages your property, this coverage will help you pay to replace it.
  • Earthquake: This coverage will help pay your living expenses if you have to move temporarily due to an earthquake.
  • Identity theft: This protection helps you cover the costs related to identity theft.
  • Protection of rents: If you lose your job, this protection will help you pay your rent while you get back on your feet.

How it works

Assurant pays the replacement cost of your property. Insurance companies usually offer either the actual cash value or the replacement cost of your items. You’ll get paid more with a policy like Assurant’s that pays replacement costs.

Here’s how it works. Let’s say you have a laptop that costs $1,500 and you bought it 3 years ago. If you were to sell it, you would probably get $1,000. If you wanted to buy the same model today, it could cost $1,300 because electronics prices tend to drop over time.

If your laptop was destroyed in a covered event, Assurant would pay you the replacement cost of the item ($1,300) rather than the current value of the laptop ($1,000). Policies that pay for replacement costs generally pay more benefits than those that pay based on the actual cash value.

Renters insurance policies usually include a deductible, which is the amount you must pay for damages before insurance coverage begins. A higher deductible means your monthly payments will be lower, but if something happens you’ll have to pay more out of pocket.

Renters insurance policies also have limitations. This is the maximum the insurance company will pay in benefits. The lower your limit, the cheaper your coverage will be, but you’ll receive fewer benefits if something happens.

Assurant offers early morning and evening customer service hours, so you’re not limited to calling during the business day. You can call 800-432-8612 Monday through Friday from 8 a.m. to 8 p.m. EST. You can also manage your policy through your Assurant account.

Assurant also makes it easy to file a claim. You can file a claim online or by calling 800-358-0600 from 8 a.m. to 8 p.m. EST Monday through Friday. Claims assistance is not available on weekends.

Assurant gives you several options to customize your policy. Some policy options are only available in certain states. You also have the option of purchasing liability-only coverage, but only if you live at an Assurant partner property.

There is no mobile app for Assurant. Its website is mobile optimized, so you can view it on your phone’s web browser when you’re on the go.

Assurant Renters Insurance offers standard coverage with some attractive extras, depending on where you live. It has evening customer service and claim hours, but you can’t reach Assurant on weekends.

Its liability-only coverage can save you money, but for many, paying a little extra to cover your belongings is well worth it. You can also only purchase liability coverage if you rent at an Assurant partner property.

You can easily buy a policy and file claims online, but you’ll have to go without a mobile app. Assurant is a good choice if you have roommates and want to add them to your policy at no additional cost or if you prefer to manage your insurance policies online.

Lemonade Renters is part of Lemonade Home Insurance, offering quick and easy coverage through their seamless application and claims process. Protect yourself and your personal property with Lemonade Renter insurance.

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