Assurant Home & Renters Insurance — An In-Depth Review

Assurant got its start back in 1892 under the original name LaCrosse Mutual Aid Association. Based in La Crosse, Wisconsin at the time, the first product the company sold was disability insurance.

 

LaCrosse Mutual Aid Association eventually changed its name to Time Insurance Company. It operated under that name for a century before becoming part of Assurant.

Headquartered in New York, Assurant began trading on the New York Stock Exchange in 2004. With a $1.76 billion initial public offering, it was the fourth largest that year.

Over the many years of its growth, Assurant has become a global power player in the insurance industry. Today, the company has approximately $30 billion in assets.

But is it the right company for you? To help you answer that question, let’s take a closer look at Assurant’s home and renters insurance.

Assurant home insurance

The company offers two home insurance options geared toward homeowners who cannot easily obtain preferred coverage.

Assurance’s Our Choice and First Select policies are available to homeowners who have difficulty acquiring or maintaining coverage elsewhere.

These policies are offered in more than 40 states and, as with any insurance product, conditions and exclusions apply. You can’t apply online for either of these policies; you must consult an insurance agent.

Assurant renters insurance

Renters insurance is often required by your landlord. But even if it’s not, purchasing a renters policy is always a good idea. For a low monthly price, you can cover your personal property and more.

Let’s take a look at the options offered by Assurant.

Personal property coverage

When deciding how much personal property coverage you need, make sure to take an inventory of your belongings. John Bodrozic is the co-founder of HomeZada, a suite of apps to help manage your home.

He explains that assessing the amount of your belongings entails “creating a list of the things you own, taking a photo of each item to help validate your ownership, and either having the receipt that shows what you paid for the item or at least an estimate of what you remember paying for it.”

Basically, you are trying to decide the amount of cash you would need to replace everything. Assurant says that the average renter needs a policy with $25,000 coverage, but the company offers coverage from $5,000 up to $95,000, depending on the state where you live.

According to Assurant, under their renter’s policy, your personal property will be covered in the event of:

  • Fire or lightning
  • Windstorm or hail
  • Explosion
  • Smoke
  • Vandalism or malicious mischief
  • Theft
  • Accidental discharge or overflow of water or steam

The deductible

When you have a renters insurance claim, you first must meet your deductible. This is the amount you have agreed to pay before Assurant starts covering the remainder.

A higher deductible will lower the monthly cost of your insurance premium, but you might prefer a lower deductible so that you pay less out of pocket in case something goes wrong.

Assurant offers a very low deductible, starting at a mere $100. The other choices are $250 or $500, depending on your state of residence.

Keep in mind that deductibles apply only to personal property claims, and not personal liability claims.

Living expenses in the event of damage

Another great benefit of renters insurance is that “additional living expenses” will be covered if your home becomes uninhabitable due to damage from a storm or a fire, for example.

Your renter’s insurance policy will pay for the “reasonable and necessary increase in living expenses (housing, food, etc.) you incur to maintain your normal standard of living until your home is repaired or until you permanently relocate after a covered loss.”

Liability coverage

Most property managers also require their renters to have liability insurance, which is included in most basic renters insurance policies.

As a renter, you are responsible for any damage you may cause to the property as a result of fire, smoke, explosion, or water damage. Personal liability coverage will also protect you financially if you are liable for injury or property damage to others.

For example, a visitor trips on a toy your child left on the stairs and ends up in the hospital. Liability coverage will pay for this, after the deductible.

Or perhaps you left the water running and it overflowed into the apartment below, causing water damage. Your liability insurance will cover the costs of repair.

Extra Coverage

Your standard renter’s insurance policy with Assurant will cover your personal property, additional living expenses in the event of damage to your apartment, and personal liability in the event of damage to property or a person.

However, there are some extra choices you should consider. Here are the extras offered by Assurant.

Replacement Cost

This type of coverage costs a few extra dollars a month and will reimburse you for the cost of replacing items without considering depreciation.

For example, if you have replacement cost coverage and your laptop is damaged in a lightning storm, you will be given a check to purchase a laptop of the same size and brand, rather than a check to cover what the laptop is now actually worth.

Sewer or Drain Backup

For a nominal fee, you can add coverage for clogged drains and sewage lines that back up into your home. This can otherwise cost thousands in damage to floors, walls, furniture, and electrical systems. The cleanup is also quite expensive.

Pet Damage

For $20 a year, Assurant offers Pet Damage insurance, which provides up to $500 of coverage for damages your pet causes to your home.

Carpets, walls, and baseboards are all covered. This type of coverage is not available in all states, but if you have a destructive pet, check and see if it’s an option where you live.

Involuntary Unemployment Insurance

If you lose your job, this type of coverage will pay a portion of your rent directly to your property manager for up to two months. There are restrictions and eligibility requirements, though, and this type of coverage is not available in all states.

Identity Fraud Expense

If you have the misfortune of becoming a victim of identity theft, this add-on coverage reimburses you up to $15,000 for expenses such as attorney’s fees and loss of income. Again, this type of coverage isn’t available in all states.

Earthquake Coverage

Assurant offers this type of coverage in California and Washington. Earthquake coverage will pay for damage to your personal property caused by an earthquake. The benefit amount will be the amount you selected for your personal property limit.

Get a quote online

Getting a renters insurance quote on Assurant’s site is quick and painless.

1. Fill in your state and zip code of residence.assurant home and renters insurance-1

2. Next, select your property type and answer a few other quick questions.assurant home and renters insurance

3. Enter the date you need to policy to take effect.assurant home and renters insurance-1

4. Choose your options, including liability and property coverage and the amount of your deductible.assurant home and renters insurance-1

5. I chose the most popular plan and my payment options were shown on the next screen.assurant home and renters insurance

Get started

Research all of your options before deciding on one company. Read reviews of other popular renters insurance companies before making your decision.

A few options to consider include:

Also, if you purchase your auto insurance policy through Geico, you can get a discount on Assurant’s renter’s insurance policy.

Renters insurance is important, and you’ll want to make sure you’re protected before it’s too late.

Learn more about Assurant and see how they stack up against other leading renters insurance companies to find the best plan for you.

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