AIG Renters Insurance Review

As with most renters insurance policies, AIG’s policies do not cover flooding or earthquakes. Covered perils include but are not limited to fire, smoke, vandalism, hail, explosions, falling objects, and riots. If you want protection from other perils, like flooding, earthquakes, or sinkholes, you have to purchase an add-on (also called an endorsement or rider) or separate policy. Renters insurance will usually cover water damage from inside the unit, such as from faulty appliances or broken pipes. However, direct damage from flooding and even indirect damage caused as a result of flooding, such as sewer backup, isn’t covered. Flood insurance is purchased separately and usually covers your home’s structure, damaged fixtures, carpeting and window treatments, functional systems (electrical, plumbing, heating, air conditioning), household appliances, and personal belongings. You can often purchase flood insurance from your chosen provider; if not, there are other private market options. You can also purchase government flood insurance through the National Flood Insurance Program (NFIP). It costs around $700 a year on average. This can be more expensive than the renters insurance policy but remember that damage from floodwater can cost you tens of thousands. While AIG does not cover flood damage in their standard policy, consider getting flood insurance if you’re at risk.

If you have pets, you’ll want to know if AIG renters insurance cover pet damage. Unlike many renters insurance policies, AIG does cover damage done by household pets. Most companies will only cover damages from pets under personal liability, such as when a guest is bitten by your dog, or your pet causes damage to your neighbour’s property. In these cases, it works the same way as for when you’re responsible for causing property damage or bodily harm. If you have a large dog or when known for previous incidents, your insurance agent may suggest upping your personal liability limits to around $300,000. On top of this liability coverage, AIG may cover damages done to your home and belongings by your pets, which is very unusual for providers. Be aware that not all pets are insurable. Many companies will exclude exotic pets and certain dog breeds that are associated with aggressiveness or destructive tendencies. Speak with an insurance agent to determine what types of pet damage are insurable under your policy, and if your pet is excluded from this coverage.

If you’re already with AIG, or you’re thinking ahead, you might want to know about getting an AIG renters insurance renewal. Typically, AIG will send a renewal notice 4 to 8 weeks before your renewal date. You can renew your AIG insurance online simply and quickly. They will first verify your email and date of birth. After that, you’ll go to a screen where you’ll confirm your renewal details and price. Always make sure to go over this section carefully, to see if anything has changed. You’ll then be asked to check your information and provide payment information. AIG offers a step-by-step guide on their website. You can make one-time payments or set up recurring payments. Some providers will offer discounts or other perks for setting up auto-renewal or automatic payments. As ever, you can contact an agent or customer service at AIG to help you through the process by phone. AIG may offer discounts if you have consecutive years of claims free history as an incentive to renew. Renewing your insurance ahead of time will also help ensure you’re not left with any gaps in coverage.

If you’re changing your insurance provider, no longer renting, being added to your partner’s insurance, or you’re simply not happy with AIG’s services, you’ll want to know how to cancel your AIG renters insurance policy. AIG does not make it as easy as some other providers to cancel your renters insurance policy online. You may have to mail in your intent to cancel or speak with an agent directly. Information you’ll typically need is your policy number, desired end of coverage date, and your name, address, phone number, and date of birth. Note that you may be charged a cancellation fee and a prorated premium for the portion of the policy period that you were covered. After you cancel, you should receive a printed notice of cancellation to confirm it’s gone through. You may also receive a cancellation notice if you have payments past due, as AIG won’t want to insure people who are late on their payments. This notice will list outstanding payments and their due dates. However, payment on canceled policies does not guarantee that AIG will reinstate your coverage.