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Allstate is a well-known insurance company with a national presence. It offers several insurance products, including renters insurance. If you have multiple policies with Allstate, you may be eligible for a discount on your insurance products. Allstate offers comprehensive renters insurance coverage, including water and sewer damage. It also offers generous protection for expensive items such as jewelry. If you live in a high-risk area, however, you may notice that your renters insurance premium is much higher than some of Allstate’s competitors.
- Renters who own high-value items
- Renters who live in areas that are considered moderate or low-risk
- Water and sewer damage included
- No overall limits on reimbursement amounts
- Premiums can vary widely depending on where you live
- Below-average coverage for electronics
Who’s Allstate Renters Insurance for?
The secret to finding the best renters insurance is finding the insurance company and policy that works best for you. Allstate is one of the most name-recognized renters insurance companies in the U.S. You should specifically consider Allstate renters insurance if:
- You own high-value items. If you have valuable jewelry, artwork or other expensive items in your rental home, you’ll want to be sure your coverage extends to those pieces. Some insurance companies require you to take out additional coverage for expensive items such as jewelry. This is because most companies limit their total reimbursement amount at $1,000. Allstate will reimburse you up to $1,000 per item of jewelry that’s lost, damaged or stolen. Be aware that if you have expensive electronics, you may want to look into additional coverage for these items.
- You live in an area that is not considered dangerous. When insurance companies offer you a policy, it takes several factors into consideration. One of the most important factors is the amount of risk the insurance company is taking on by offering you a policy. If you move into an area that is often burglarized, there’s a greater chance that you will need to submit a claim to your renters insurance policy. With some companies, you may not see a big difference in premium prices if you live in a high-risk area. If you live in a high-risk area and you want cheap renters insurance, Allstate may not be your best option. If you live in an area that isn’t high-risk, Allstate’s premiums tend to be very fair.
Renters Insurance Products
Your renters insurance policy will include different types of coverage. The 3 main renters insurance products are:
- Personal property coverage: If someone breaks into your home, items are stolen or your home catches on fire, your renters insurance covers the loss of your personal belongings. Your covered personal belongings include clothing, furniture, electronics and other items. When you select your policy, you will need to estimate how much money your belongings are worth. Select a monetary coverage amount that is equal to or more than what the estimated worth of your belongings is.
- Liability coverage: If someone is injured at your rental home, they may decide to sue you. Your renters insurance policy covers legal expenses, medical bills and other damages if this happens.
- Additional living expenses: If your home is severely damaged by fire or other emergencies, you may be unable to stay in it for a period of time. If a covered loss occurs, your renters insurance will cover the additional costs you may be faced with during this time, such as hotel bills.
There are other types of renters insurance products you may find helpful, including:
Guest medical coverage: If someone is visiting you and they get injured, this coverage would extend to reasonable and necessary related medical expenses. This might include an ambulance and diagnostic imaging such as x-rays.
Identity restoration coverage: If you become a victim of identity theft, it can take some time to pick up the pieces and get everything back in order. Allstate offers this additional coverage. If you decide to add this to your policy, you will have access to a fraud specialist who can help you recover your identity.
Scheduled personal property: If you have high-value belongings that you want insured, you may want to add this type of coverage to your renter’s insurance policy. If you suffer a loss, this will cover the items beyond the limits of what you may be able to get from your personal property coverage.
Standard Allstate Renters Insurance Coverages
Allstate offers comprehensive renters insurance plans that can help you recover after a loss. A standard renters insurance policy with Allstate covers:
Personal property coverage: This coverage portion of your policy helps you recover financially after you experience a loss. If there is a theft in your home, for example, it can help you replace the items that were stolen. The possibility for bigger losses, such as a burst pipe or a leak in the unit above you, and you experience water damage in your unit, this coverage would save the day. Water and smoke damage ruin items such as furniture or electronics. If you lose your belongings in a fire, your personal property coverage can help you repurchase all of your necessities.
As with most insurance, your personal property coverage will be subject to a deductible. This means that there is a certain amount that you are responsible for before your coverage will kick in. If your deductible is $500 and you have $750 worth of property stolen from you, for example, you will only receive $250 from Allstate to cover your losses.
Each policy comes with a limit to its personal property coverage. You will only be reimbursed for personal property loss up to the amount of your coverage limit.
Liability insurance: Liability coverage will be there for you in the case of an accident. Keep in mind that you will need to be found legally responsible for damages to another person or property if you wish to use your liability insurance. This can cover you in a number of situations: If your child is playing and accidentally kicks a ball into your neighbor’s window, this coverage may help you pay for the window repair.
Liability coverage also helps if you become responsible for medical bills for a guest who was injured in your rented home.
Additional living expenses: If your rented home is damaged by flood, fire or another disaster, you may be unable to live in it for a period of time. You would need to find a hotel until you are able to stay in your home again. Allstate’s coverage will usually help you cover hotel bills in these cases, as well as increased food costs if you are forced to spend more since you are unable to use your home to make your meals.
Available Discounts and Tips on Getting the Best Rates
Allstate offers discounts on rental insurance policies. The discounts include:
55 and retired discount: If you’re 55 or over, retired and not actively seeking full-time employment, you may be able to receive up to 25% off your premium payments.
Claim-free discounts: If you don’t make claims while having your renters insurance, you may be eligible for up to a 20% discount as well as bonus savings for each year you remain claim-free.
Easy-pay plan: You can receive a 5% discount if you sign up to have your renters insurance premium payment automatically withdrawn from your checking or savings account.
Multi-policy discount: If you have an auto policy with Allstate, you may be able to save by adding Allstate renters insurance.
Safe home discount: If you have a security system or fire alarms, you may be able to save up to 15%. Your safety devices must be qualified to receive this discount.
Common Allstate Renters Insurance Coverage Selections
Allstate offers an online tool to allow you to receive a quote for your rental home.
A common standard policy offers:
- Personal property protection: Liability limits of $25,000 with a $500 deductible
- Liability protection: $100,000 limit for each occurrence
- Guest medical protection: $1,000 limit for each person
- Additional living expense: Liability limits up to 12 months
Other Related Insurance Types Offered by Allstate
Allstate recommends a couple of related insurance options to complement its renters insurance:
Flood insurance: Even if your landlord has an insurance plan to cover the building in case of a flood, it doesn’t mean that the belongings inside of your unit are covered. This is a good option if you rent a low-level unit or if you live in an area that is prone to flooding.
Personal umbrella policy: You may also want to consider a personal umbrella policy. This policy can provide liability coverage beyond standard renters insurance.
Allstate also offers other varieties of insurance, including:
If you enroll in a renters insurance policy with Allstate, you will likely be connected with a local agent. You can call, email or visit your local agent in person to discuss any questions you may have.
You can also contact Allstate customer service by:
- Sending a message
- Calling 877-810-2920 at any time of day
Allstate offers 24/7 claims support. It offers a few ways to file a claim:
- Call 1-800-ALLSTATE.
- Log into your account online or with the mobile app.
- Contact your local agent to report your claim.
Pricing and Value
Overall, Allstate has an excellent rating of 4.6 out of 5 stars on Consumers Advocate. It offers comprehensive renters insurance coverage at a reasonable price for most customers. You may also be eligible for several discounts.
If you have a question about your policy, you should contact your local agent. They can answer questions about your coverage and discuss possible discount options with you.
How Much Renters Insurance Do I Need?
Every renter can benefit from a renters insurance policy. In fact, your landlord might require it. You might be wondering how much renters insurance you need. Consider your circumstances and the value of your belongings. Your local insurance agent can help you figure out the best policy and discounts for you.