GEICO Renters Insurance Review

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1 Minute Review

GEICO is an insurance company with a robust roster of insurance products. It has earned high industry ratings for its financial strength and claims-paying ability. Since GEICO offers so many insurance products, it is able to offer savings for customers who bundle multiple policies.

Best For

  • Bundling insurance policies to save money
  • Customer service
  • Resources to help you better understand renters insurance

Pros

  • Offers several deductible options
  • You can get a personalized quote for renters insurance online

Cons

  • Cannot purchase extra coverage for high-value items online
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Who’s GEICO Renters Insurance for?

  • Renters: If you rent your home, renters insurance is the type of property insurance you need.
  • Current customers: If you already have an insurance policy with GEICO, it’s worth getting a renters insurance quote. Geico may be able to offer you a discount for having multiple policies. 

GEICO Renters Insurance Products

GEICO’s renters insurance policies come with both personalized and standard coverage. The personalized options allow you to increase or decrease your coverage amounts to create the best policy for your needs. 

  • Personal property: Your personal property coverage is what insures the belongings in your home. Your landlord’s insurance policy may cover the unit itself, but it will not cover anything inside the unit. If your belongings are damaged due to an event like a fire or flood, your personal property coverage can help you replace your belongings. To decide how much coverage you need, consider how much it would cost to replace all of your current belongings.
  • Personal liability: Personal liability coverage protects you against certain lawsuits. If a guest injures themselves and decides to file a lawsuit against you, use this coverage. You may also be able to use it to protect yourself against a lawsuit if you cause property damage to someone else.
  • Water sewer backup: You can elect to add this coverage to your renters insurance policy. It provides coverage for losses to your personal property due to the backup of sewers and drains or a sump pump’s overflow. 
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Standard GEICO Renters Insurance Coverages

GEICO’s standard coverage comes with every policy. You cannot change the limits on these areas of coverage. The 3 parts of GEICO’s standard coverage are:

  • Loss of use: If your home is damaged by a covered loss such as a fire and your home becomes unfit to live in, loss of use coverage comes into play. This coverage helps you pay for living expenses while you’re unable to stay in your home. Some of these living expenses may be hotel bills and restaurant charges.
  • Damage to property of others: If you have someone else’s belongings in your home and they break or get otherwise damaged, this will help you out. For example, if you borrow dishes from a relative and they break, you can use this to help you replace the items.
  • Medical payments: Sometimes accidents happen and people get hurt. If you have visitors over and someone gets injured, this part of your coverage pays for their immediate medical care. 

Available Discounts and Tips to Get the Best Rates

When shopping for a renters insurance policy, you might be looking for cheap renters insurance. Luckily, GEICO does offer some discounts on its renters insurance policies. 

  • Bundling policies: GEICO is a popular insurance company, so it’s possible you already have auto insurance or other insurance policy with it. Adding GEICO renters insurance to your existing insurance policy may earn you a bundling discount.
  • Safety discounts: You may be eligible for a discount if you have certain safety devices and features in your home. This includes home security systems, smoke alarms and sprinklers.

Common GEICO Renters Insurance Coverage Selections

When you get a quote from GEICO, you will be given a standard plan to show you what coverages are included. You can edit some areas of the policy to get the coverage you need.

A standard policy may offer the following coverage:

  • Personal property: $10,000
  • Personal liability: $100,000
  • Water sewer backup: No
  • Loss of use: $2,000
  • Damage of property to others: $500
  • Medical payments: $1,000

Your plan will come with a property deductible. The deductible is the amount of money you must pay out of pocket for your claim before GEICO can reimburse you for your claim. A common deductible amount that renters choose is $500.

Your plan also comes with a premium payment. Most renters insurance policies allow you to pay either a monthly premium or your entire premium for the year upfront. Your premium is the amount you must pay to keep your policy active. 

If you select a policy with a higher deductible, you may benefit from lower premium payments. If you choose a lower deductible, your premium payments may be higher.

GEICO offers several other types of property insurance to check out:

Homeowners insurance: Like renters insurance, homeowners insurance helps you replace your belongings if you suffer from a loss. This includes theft damages and losses from fire, floods and other disasters. It also provides coverage for extra expenses such as hotels and restaurants if your home becomes inhabitable due to a covered loss. The main difference between renters insurance and homeowners insurance is that homeowners insurance provides coverage for damage to your house or other structure on your property.

Condo/co-op insurance: Your condo’s association likely already has a master policy to cover the exterior structure of your home. However, as with renters insurance, you will need to get your own policy to cover what is inside your home. It offers coverage to protect your home and personal property against unexpected disasters such as fire and theft. It also offers liability coverage to protect you if someone is injured on your property.

Mobile home insurance: If you own a mobile or manufactured home, you can protect it with GEICO’s mobile home insurance. This type of insurance provides coverage for your home, the personal belongings inside your home and other structures on your land. Your structures are covered in an unexpected event such as a fire, windstorm, lightning or other damages your home may experience. Your belongings are covered if you suffer a loss due to these conditions.  GEICO’s mobile home insurance policies also include liability coverage to protect you in case someone gets injured on your property. 

Landlord: If you rent out your property, you may want to consider landlord insurance. GEICO recommends landlord home insurance policies for property owners who are responsible for the entire building, including the exterior and roof. If you’re only responsible for the interior of your home, you may want to look into landlord condo insurance. If you offer short-term rentals, you may need to take out a commercial insurance policy that is written specifically for your coverage needs. Whether you rent your single-family home or an entire building of units, this coverage can help protect your investment from losses. Most policies include coverage for structural damage, liability coverage and additional out-of-pocket expenses. 

Flood: Flood insurance is a good idea if you own a home in an area that is prone to flooding. It goes beyond a standard homeowners policy to provide coverage for more severe types of water damage. GEICO offers flood policies through the National Flood Insurance Program. These policies cover both the structure of the home and personal property if they are damaged in a flood.

GEICO also offers additional types of insurance, including vehicle and business insurance.

Customer Service

You can get answers to your questions about GEICO coverage 24 hours a day, 7 days a week. GEICO offers several ways to contact the customer service team:

  • Call a service agent at 800-207-7847.
  • Email a customer service agent.
  • Use GEICO’s virtual assistant. This option should show up at the bottom right corner of your screen when you visit its website.
  • Access its mobile apps for Apple and Android devices. You can contact an agent through the downloaded app as well.

Claims Support

GEICO promises a quick and easy claims process on its policies. If you need to submit a claim, there are a couple of ways you can do so.

First, you’ll want to visit GEICO’s website to find the appropriate contact information for your policy. From there, you can:

  • Submit a claim online by clicking on the claims link.
  • Call to file a claim by phone.

Pricing and Value

GEICO received a 4 out of 5-star rating on Consumers Advocate. Its policies can offer you comprehensive renters insurance coverage at a reasonable price. To find the best price and value, be sure to understand all of your options and select the coverage that is the most appropriate for your needs.

Customer Support 

In addition to GEICO’s widely-available customer service agents, it offers other ways to get support. You can find many resources on GEICO’s website, including frequently asked questions.

If you’re wondering how much renters insurance you need, GEICO’s website can help you out there too. It offers a personal property insurance cost calculator. This calculator asks you to list the estimated cost of items in your home. The items are broken down into categories so you don’t accidentally forget some of your items. This calculator can help you determine just how much coverage you should have on your insurance policy.

Do You Need Renters Insurance?

We know why you’re here. Do you really need renters insurance, and what is the best renters insurance? To put it simply, yes. In fact, many landlords and apartment complexes require proof of renters insurance before giving you the keys! Even if it’s not required of you, it’s a good idea to have this insurance to protect you and give you peace of mind. 
Wondering how to get renters insurance? First figure out what kind of coverage you need and compare your policy options. You should be able to receive a quick online quote from area insurers. With these tips and tools you’re well equipped to make your decision.