GEICO renters insurance: prices and what it covers

Although GEICO is best known for its auto insurance catalog in the US, It also has other attractive offers in terms of policies. Most of them are offered through various business partners, renters insurance being one of them.

GEICO renters insurance is not private label, which means that you will not be able to buy it directly on their website or customer service office. It is only sold through third party companies, so you will not know which insurer will be linked to your contract; at least not until you go beyond the listing process.

If you already have GEICO car insurance and are looking for an experienced provider who can give you the security and protection you need, welcome! Today we will review GEICO renters insurance: prices and what it covers.

GEICO renters insurance: prices and what it covers

What is renters insurance?

Renters or rental insurance is a policy that seeks to protect the apartment, condominium or house that the landlord puts up for rent and all the personal belongings or furniture that are inside the property. In itself, the insurance covers various unexpected events, such as a fire or even theft.

We must say that the extent and quantification of coverage varies from one insurance company to another, so it is always a good idea to take a look at all the information of an insurer and the insurance packages it offers before signing up.

Important Information About GEICO Renters Insurance

Unlike auto insurance policies, GEICO renters insurance is administered, underwritten and serviced by third-party companies. What does this mean? Basically, that GEICO acts, in this case, as an insurance broker that puts you in contact with one of its 20 business partners, including well-known rental insurance companies, such as Travelers and Liberty Mutual.

Can you choose the insurance company? No, but after the quote and before signing the contract, you will know which company you should deal with in case of buying the renter’s policy. This is very important because that company will be the one that processes and responds for each of your claims.

So why buy a renters insurance policy from GEICO? One of the advantages of doing so would be the 20% discount you could receive if you already have car insurance with them. This makes this option very attractive to policyholders.

Also, think that not all tenants have thousands of dollars in your bank account as to cover property damage or the economic consequences of an unexpected event.

tip: You can further lower your GEICO monthly premium by adding certain features to your home, such as a smoke detector or burglar security system.

What is GEICO renters insurance coverage?

This will depend on the plan you choose. However, we can speak -in general- about the coverage and types of risks covered by the company:

  • Fires
  • Vandalism
  • robbery or robbery
  • smoke damage
  • lightning strike
  • Accidental floods
  • antics of the neighbor children
  • Payment of removals (coverage of expenses)
  • Lawsuits and legal fees in case the owner causes damage to someone else’s property (home)
  • Liability claims and legal fees for injuries a person sustains on the property

This is a small summary of what standard insurance contracts usually include. However -and depending on the outsourced company that ends up signing the contract with you- You could also ask for other added services, such as the following:

Replacement of belongings

In this case, the insurance company will pay you an approximate amount -previously calculated after an inventory- to buy back lost items, goods and furnishings. That yes: the depreciation will be taken into account. For example, if your laptop cost $3,000 and is three years old, you might receive between $1,000 and $1,500.

Additional coverage for valuables

Like jewelry, artistic or literary works, etc.. At this point, all those objects that do not fall under the standard coverage for tenants would be included.

Unpredictable natural accidents

What flooding from tornadoes, earthquakes or any other type of natural disaster that could damage or deteriorate the property or the belongings included in it.

Keep reading: How to make money renting space in your house

Special coverage for third parties

Common before reform projects or new construction. In this case, the insurance company adds additional coverage for cover the value of the merchandise or damages claimed by the workers participating in the project.

Coverage in displacements and temporary removals

What does this mean? Well, if for any reason you have to temporarily move from home -for example, during the repair of the damage caused by an earthquake- the insurance company will bear the cost of the hotel room or temporary rental.

Note: Additionally, GEICO’s member insurance companies may also offer protection against other scenarios, such as identity theft or financial backing in the event of broken sewers, pipes, etc.

What is the average amount of GEICO renters insurance coverage?

Again, this will depend on the protection plan and company chosen. However, in our research we have found some of the standard coverage amounts:

  • Personal Property Damage: from $10,000 to $95,000
  • Temporary moves for repairs: up to 20% of the value
  • Damage or Liability Claims: $50,000, $100,000 or up to $300,000
  • Payments of medical bills to third parties: $1,000

In these cases, deductibles of GEICO renters insurance can go from $100 to $500, depending on the claim.

How much does GEICO renters insurance cost?

According to the GEICO website, your renters insurance is available starting at $12 per month. However, it is important to note that this amount is reserved for a specific type of consumer: people with a stellar credit score who live in a building or property in excellent condition and with protection mechanisms against earthquakes, theft, among others. In a nutshell, the less risk there is of making a claim -and of a non-payment to the company- the cheaper your monthly premium will be or vice versa.

On the other hand, it is important to refer to a point: the total cost of the insurance will also depend on how many tenants live in a property, the risk of theft or robbery depending on the area and the extension of the property.

What do I need to buy a GEICO renters policy?

The first thing you need to buy a renters policy with GEICO is to request a quote. For it, contact the company and have the following on hand:

  • Leasing contract
  • Main tenant gender
  • Number of tenants in the property
  • Type of rental offered
  • Number of units in the building
  • If there are pets, what are they and how many are there
  • Your full name and date of birth

After answering the questions online, you will receive a quote. The process is relatively quick (takes about 10 minutes) and can also be completed over the phone by calling 1-800-691-4240.

In short, GEICO renters insurance: prices and what it covers

As you can see, GEICO renters insurance could be a great option if you include certain elements in your home to reduce the premium and also if you already have a car insurance policy with them. Regardless of that, any consumer could take advantage of some advantages and disadvantages, such as:

pros

  • The lowest insurance deductible is $100.
  • The website has an intuitive calculator that will help you determine the amount of property coverage you would receive.
  • It is available to consumers who live in any of the 50 states of the country.
  • Offer discounts and rebates for having a prior insurance policy, good credit scores, or secure real estate.

Cons

  • In this case, you will not purchase a GEICO renters policy. Remember that the company only acts as a broker.
  • The policies of claims and assistance to the insured will be those of the GEICO business partner and not those of the company.
  • You cannot choose the insurance company that will touch you: it is random. What is certain is that you will discover what it is as soon as you receive the quote.

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