Nationwide Renters Insurance Review: Renters insurance, otherwise known as tenant insurance, is a type of insurance coverage that protects your property from loss, for instance, due to theft or natural disaster. It is purchased by a tenant of an apartment or a single-family home.
Many corporate-run apartment buildings need tenants to buy their own renters insurance as part of the lease agreement. Nationwide is just one of the many national companies offering renters insurance.
Nationwide is a Fortune 100 diversified financial services corporation situated in Columbus, Ohio. The company offers many types of property and casualty insurance products, including renters insurance, and is one of the country’s largest insurance underwriters, with discounts made available for customers who bundle policies together.
Cost of a Nationwide Renters Insurance Policy
As with any insurance company, many factors play a role in how much renters insurance will cost. Rental location is a good factor. For instance, if you live in an area prone to earthquake in California, your renters insurance will likely be more expensive than average.
Other times, the size of the building and how many units are in it can affect the cost, as can the number of personal belongings that you have and their value. Other major factors can include fire prevention methods in place where you’re renting, and your credit score.
What factors impact how much renters insurance costs?
To estimate how much your renters insurance will cost, consider how these factors apply to you:
The state where you live
The neighborhood you live in
What insurance provider you have
How much coverage you need
The type of coverage you choose
The amount of your deductible
Rather than looking up the average cost of renters insurance, the most accurate way to estimate your renters insurance rates is to get a free, no-obligation renters insurance quote.
Nationwide’s renters insurance can cover:
Contents. Your personal property is protected from covered losses, which could come from fire, lightning, windstorms, hail, frozen plumbing, theft, vandalism or even vehicle impacts.
Loss of use. If a covered loss means you can no longer live in your home, extra living expenses are provided so you can find somewhere to stay while repairs are made.
Personal liability. If someone has an accident in your home that causes covered damage or injuries, liability insurance will help pay for legal fees and other expenses.
Medical payments to others. If someone is injured on your property, your renters insurance policy can help pay for their medical charges and expenses.
Building additions and alterations. If you add to, alter or improve your home, damage to those improvements are covered.
Credit card coverage. Nationwide will pay you up to a predetermined limit for unauthorized credit or debit card transactions or forged checks.
Additional optional coverage options available from Nationwide may include:
Valuables Plus. Valuable personal property coverage protects items such as expensive collections, engagement rings, watches, and other jewelry from theft, loss, or damage.
Water backup. This coverage helps you repair water damage from overflowing drains and sewers, broken sump pumps, and damage that results from water moving from the ground up.
Earthquake. This covers some of the losses and damage that earthquakes can cause to your home, belongings, and other buildings on your property. This also includes volcanoes.
Theft extension (protection for belongings stored in a vehicle, trailer, or boat)
What Doesn’t Nationwide Renters Insurance Cover?
A renters insurance policy doesn’t cover:
Home businesses. Renters who operate a small business out of their home might need additional coverage for the business assets. Check your existing renters insurance policy and inquire if you’re not sure.
Motor vehicles. Even if your vehicle is parked on your rental property, your renters insurance won’t cover its use or ownership. However, your personal belongings inside the vehicle are usually covered.
Roommates. A renters insurance policy in your name won’t cover your roommates, who would need to obtain their own policies with separate deductibles.
Requirements to Get Insured
Getting renters insurance typically isn’t difficult, although you will need to do a home inventory of your belongings. You can usually apply for a policy online. While credit score can impact the cost of insurance, it shouldn’t prevent you from getting coverage. Even if you don’t live in an area where Nationwide’s renters insurance is available, other options may service your local area.
Discounts are available for having protective devices, going claims-free and more
A free, personalized insurance review is offered for members
Stolen credit card coverage is included in a basic policy
Customer satisfaction is lower for renters insurance than some other products
Replacement coverage requires a higher premium
Nationwide renters insurance is available in most of the states. To know more, log onto the Nationwide site and click on your state. You can then see what options are made available to you.
The only states where Nationwide renters insurance is not available are Florida, Louisiana, New Mexico, Massachusetts, and New Jersey.
Generally, Nationwide has fairly good reviews in terms of customer service. Customers can manage their policy and coverage online.
However, there are complaints about Nationwide regarding working with claims adjusters and filing claims, so this might be something to consider. However, most insurance companies have complaints like these.
Nationwide renters insurance might be a good option if you want to bundle policies, or if you want add-on options. Its policies will cost about the same as other comparable policies, but there are some complaints about customer service and filing claims to be aware of.
As an established company, Nationwide is likely going to offer policies and efficient customer service near you.