Quilt Renters Insurance Overview
Quilt is part of a new breed of niche online insurance providers that are targeting the renters’ insurance space. It was founded in 2015 and is based in Boston, Massachusetts.
The main benefit Quilt offers over other insurers is a streamlined customer service and competitive rates. The entire process is done online without phone calls, faxes, or paperwork.
Quilt has received over $3.25 million in seed funding. The main investors are NextView Ventures, Eniac Ventures, Founder Collective, Titan Partners, and Basset Investment Group.
What Are Quilt Renters Insurance’s Ratings?
Quilt has not yet received ratings by Moody’s, AM Best, or Standard & Poor’s.
What Coverage Does Quilt Renters Insurance Offer?
Quilt provides renters insurance for as little as $12 a month. It offers coverage for:
- Personal property damage caused by theft, fire, vandalism, broken piles, and more
- Damage or loss of property when traveling or outside your home
- Liability coverage for pets
- Medical liability coverage if a guest gets hurt in your home
- Notice that Quilt does not cover floods or earthquakes unless a separate policy is purchased
- Replacement cost value (as opposed to actual cash value)
How Does Quilt Compare with Other Renters Insurance Companies?
Quilt is a brand new player in the insurance industry. It still has a lot to prove on how it is any different from other online insurers, but it does show a lot of promise.
- Low prices (as low as $12 a month)
- Easy to understand policies. Quilt is dropping the legalese and explains its policies in a language we can all understand
- No faxes, phone calls, or paperwork required
We don't like:
- Lack of coverage choices
- No earthquake or flood coverage in a standard renters policy
- Alarm System
- Deadbolt Locks on Exterior Doors
- Fire Extinguisher in the Home
- Home Monitoring System
- Smoke Detectors
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